A snippet commentary from Bank of America technical analyst in the benchmark US S&P500 index:
- “The SPX broke first support at 4450 and closed below its rising 13-week MA at 4410 for the first time since late March. The August 2022 peak and late June low provides the next key support at 4325 (4300), which the SPX nearly tested on Friday (8/18),”
- “The February-June cup and handle breakout point near 4200 offers the next support. Rising 26 and 40-week MAs at 4238 and 4150, respectively, reflect a bullish trading cycle. Pullbacks that hold above or near these weekly MAs viewed as corrective.”
I drew in the 4325 and 4200 levels below, somewhat approximately. They both seem like reasonable levels to eye. Fell free to add your own technical analysis in the comments folks.
