Short
S&P 500 will drop
Price has broken through horizontal channel early this week leading to a short burst of impulse buying.
With the lack of fundamentals in the currently heavily overbought market, we can expect a drop to come upon the slightest trigger.
While we cannot predict when the breakdown will be, we can still expect a retest of 2974 (Target 1) some time this week.
If the week closes below 2974, it would suggest a false break on the weekly timeframe and a fall to 2882 (Target 2) and 2781 (Target 3) will be imminent.
With the lack of fundamentals in the currently heavily overbought market, we can expect a drop to come upon the slightest trigger.
While we cannot predict when the breakdown will be, we can still expect a retest of 2974 (Target 1) some time this week.
If the week closes below 2974, it would suggest a false break on the weekly timeframe and a fall to 2882 (Target 2) and 2781 (Target 3) will be imminent.
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