S&P 500 is targeting initial support

Technical analysis S&P 500

The S&P 500 came under significant pressure yesterday and started trading with a gap down. The previous downward pressure, which was already represented by a downtrend line, increased massively. In this context, the US leading index has not yet reached its target. From a technical point of view, there is further downside potential up to support at 3,125 points. The first short cover could take place there and trigger a short-term backlash. With a view to the start of November, a reaction impulse on the upper side in the direction of 3,350 and above up to around 3,500 points is permitted.

However, below 3,125 points, the downward trend should be able to continue directly. Index losses up to the second support at 2,960 points do not appear absurd in this context. Since a relevant / lower limit level would be reached here, all the attention is given to this course area. Diving below this would result in a medium-term expansion of the correction.


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