Nothing has changed in our bearish view of the S&P 500 Index.
That said, it is noteworthy that downside momentum is beginning to pick up.
After breaking the critical 3900 price level, the S&P 500 has continued to falter below that zone and looks poised to get to our initial MOB price target near the October low.
We would continue to have a short bias and think cash is king for now. No need to be a hero and try to pick a bottom when the overall market trend is clearly defined as being down.
We will take it one step at a time, but our intermediate term price target remains at 3029 – that’s our MFU-3 downside price target (see the “weekly” chart).
S&P 500 Index “daily” Chart
S&P 500 Index “weekly” Chart
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
