SPX dropped beneath Short-term support at 1801.30 and its hourly mid-Cycle support at 1797.49. The decline appears capable of continuing to Cycle Bottom support at 1779.96, or possibly lower.

There is no compelling reason for another bounce at the Head & Shoulders neckline, but the double Model supports suggest it may be so.

You will notice the 50-day moving average at 1755.49 at the bottom right of the chart. The Head & Shoulders minimum target is beneath it. The decline is ratcheting up its speed, so the exciting part begins.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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