The S&P 500 has now clearly carved out the head-and-shoulders top formation I wrote about in Young Research’s last two technical analysis updates. The price action in the market has a real weak look. Stocks blew threw their widely followed 200-day moving average and headed straight to their next support level near 1,200. The S&P 500 is down almost 8% in August alone. If the market can’t hold the 1,200-ish level, the index is likely headed to the 1,100 – 1,150 level where there is significant support.
Latest posts by Young Research (see all)
- Federal Reserve Governor Signals MORE Big Rate Hikes - August 8, 2022
- BIDEN UNCONVINCING: Saudis Holding Fire on Spare Capacity - August 5, 2022
- Just 21 Countries Account for 80% of World Energy Consumption - August 3, 2022