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S&P 500 Pointing Towards Test of Jan-March Support Line


S&P 500 Pointing Towards Test of Jan-March Support Line
By Mike Paulenoff, www.MPTrader.com

Here is the S&P 500 from the perspective of the daily SPY (S&P 500 Depository Receipt) chart, which shows that the price structure is pointed like a dagger right at a test of the Jan-Mar support line, now at 126.45, and at the 3/17 low at 126.07. Let's notice that my daily RSI momentum gauge is making news low today, which confirms the dominant trend weakness, and provides NO technical reasons to buy in front of this decline -- at least right now, especially on a Friday at the end of the month and the quarter.

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