AFMC - S&P 500: Assessing The Damage - Week Starting 19th February (Technical Analysis)
2024-02-18 16:00:00 ET
Summary
- Some technical damage was inflicted on the uptrend this week.
- Dips are getting deeper and more frequent.
- The rally is expected to slow into a top near the 5107-112 target area.
The S&P 500 ( SPY ) finally dipped this week following the CPI release, and broke some support levels with a 90% down day . However, one weak session does not make a reversal, and it bounced straight up again. As I highlighted last weekend , "Most important of all, look for new weekly lows on Thursday and Friday and a close at the low of the weekly range." Clearly, this didn't happen....
S&P 500: Assessing The Damage - Week Starting 19th February (Technical Analysis)