Just how low will the S&P500 go?
Summary: As equities sell off globally, Saxo technical analyst Kim Cramer Larsson gives us a quick overview of the S&P500, pointing out key support and retracement levels.
However, I believe we will see a short-term exhaustion in the sell-off followed by a minor rebound. A short-term low should be in place today or tomorrow, Thursday, June 4. A rebound back to or maybe a bit above the 200-day simple moving average is not unlikely. But he trend would still be down and will remain bearish as long as the Index stays below 2,900. There is no divergence on the RSI, indicating we could see lower levels before a rebound.
Both charts are the S&P500 daily. The lower one is just zoomed out.