A brutal week in stock market, especially today, with SPX losing around 40 points and plunging bellow SMA 200.As I mentioned before I was watching 3 support levels, 1,290 (head and shoulder prediction), 1,285 (SMA 200) and 1,250 (bull market uptrend line).
Initially, 1,290 behave well and after slipping very close to this level (1,295) market jumped back to 1,320. At this level market had a failed attempt to climb above SMA 120 on hourly chart.
The last obvious support level, and the most important one is the bull market uptrend line around 1,250.
The bull market is going to be in a lot of trouble if is going to slip bellow this level.
Gold had a very good week but still looks vulnerable with almost all technical indicators bearish ("death cross" still present, negative weekly DMI, bellow the multi-year uptrend line). The good news is that is found support around the January's low. Let's see if it can build something from here.
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