Support Levels Broken

The 03/05/22 blog “ Examination of US and German  Stock Markets” illustrated support levels for both the S&P 500 (SPX) and the German Stock Index (DEU40).  Today 03/07/22 the support levels  for both indices were  broken, opening the door for further downside action.

The daily SPX chart courtesy of Trading View illustrates its next potential support zone.

The SPX could be headed towards the correction bottom at 4056.888 made on  05/12/21. The broader support zone is  4080 to 4040 and could be reached in a few days.  The bullseye bottom date is  03/10/22. 

If the SPX can reach  the price/time target it could be the completion of a  fascinating Elliott wave pattern.  Depending on market conditions there will be a blog  explaining  this  Elliott wave pattern.    

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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