SP500 Brakes Hard to the Downside -
The market looks as if it’s ready to continue a longer-term downtrend, and that the rally might be over.The fact that we are closing at the very bottom of the candlestick of course suggests a lot of negativity as well, so I do think that it is probably only a matter of time before we break much lower, perhaps even trying to test the lows again. This does not necessarily mean that we get there overnight, but it certainly looks as if we are going to continue to see a lot of downward pressure.
If we were to turn around and take out the top of the candlestick from Friday, then it’s possible that we could go looking for the 4300 level, but it’s very difficult to imagine that scenario after today’s action. Beyond that, the US dollar is ripping higher, and it does work against the value of stocks in general. With that, I think sellers are finally having their day in the sun again.
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