The Chart of the Day belongs to the S&P 500 Index ($SPX). The technical indicators are giving very strong caution signs that the Market has lost its momentum. You need to heed these caution signals.
Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 60% Barchart short term sell signal
- Trend Spotter sell signal with maximum strength
- Below its 20, 50 and 100 daily moving averages
- All 3 DMA have sell signals and strongest direction ratings
- 3.65% off its recent high
- Relative Strength Index 36.64%
- Trading at 1948 which is below its technical support level of 1959
- Trading below its 50 day moving average of 1975.97
I'm not Chicken Little yelling " The sky is falling! " but at the same time all these indicators show more downside risk is possible. Personally, I'm pruning my portfolio and accumulating cash.
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