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Standard and Poors 500 technical analysis, brace yourself

SPX Tech analysis by Simon Kazinsky on 20:27 June 15, 2016 EST

The Standard and Poors 500 is bound to continue its journey to the south of the chart after it failed to recover on Wednesday following the announcement by the FED that its key base rate will remain unchanged at least until its next meeting. Price action at that point followed textbook behaviour and tested a broken suport turned resistance. After this spike up it reversed sharply leaving a shooting star formation on the chart.

Looking ahead the index could find a weak support in the area were previous highs were made at 2,060. When/if that support gives way the next target is the critical support at 2,030. This level has provided support multiple times and can be seen as the neckline of a double top. Breaking this level will add a great deal of confidence to our bearish outlook which I have been holding since summer 2015.

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