S&P 500 - near the key trendline

The S&P 500 index has been approaching a key trendline drawn through the recent lows. However, the current corrective movement looks like the one observed at the beginning of June. The market has retraced about 9% from the top.

If history repeats itself the 9% correction may lead the index to the previous top at 3235 pts. This could be equality in percentage terms. In point terms, the equality of corrective movements is set by 3300 pts.

So if the trendline is broken the next potential support levels might be very close to it.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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