US Equities confirming down trends breaking important support levels
S&P500 broke its rising trend line a few days ago initiating a short term bear trend. On the same trading day 18th January it also broke below the Neckline (dashed line) in what could be a complex Shoulder-Head- Shoulder pattern (two left shoulders). Break of the Neckline gives a price target around the support at 4,364. The break below the Neckline also took the RSI below 40 threshold i.e. indication bear sentiment.
Yesterday the Index below the below support important at 4,495 confirming the down trend. 200 SMA will offer some support.