The S&P 500 has experienced a significant decline, losing nearly 200 points since last week as bearish sentiment took hold. This downturn was signaled by the formation of a Death Cross, a classic technical indicator where the 20-day moving average (MA) crosses below the 60-day MA. This bearish crossover typically suggests that further downside may be on the horizon, reinforcing the negative outlook for the index.
Adding weight to this perspective is the failure of buyers to regain control of the market. Despite attempts to push the price higher, their efforts faltered around 5900, a level coinciding with the 38% Fibonacci retracement. This inability to sustain upward momentum highlights the prevailing strength of the downtrend.
Currently, the S&P 500 is hovering near the critical support level at 5850. Should this support give way, a deeper decline appears likely. Technical projections suggest a potential drop of an additional 70 to 140 points, targeting the next major support zones. This scenario aligns with the broader bearish trend, as sellers remain dominant and buyers struggle to establish a foothold.
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