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S&P 500 hovering dangerously above key support

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    As we noted earlier, global equities have plunged today amid growing growth concerns and continues weakness in oil prices. In the US, the major indices are off by over 2-3 per cent each, led by sharp falls in consumer discretionary and financial sectors. The selling pressure could exacerbate if the indices break support. For the S&P 500, the key support is around 1820/30, which is where it bounced from in mid-January off. However, that move failed to materialise into a significant rally.

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