The Chart-of-the-Day features the S&P 500 Index in view of the sharp decline in the value of the Index today. We present two charts in our report.
The first chart shows two trend-lines. The conclusion is that today’s down-draft has taken the Index right to the critical trend-line.
The second chart has three trend-lines, drawn from the December 2018 lows, and rising at 30, 20, and 10 degrees. The 30-degree and 10-degree trend-lines represent the upper and lower boundaries of what we believe a typical rising market would encompass. The 20-degree trend-line is the “normal expectation” for a rising market trend.
This 20-degree trend-line exactly intersects the low that the Index registered today and, therefore, might/could represent support and generate the possibility of a market rebound.
You can download our Chart-of-the-Day report at the following link: … DayChart_080519_SP500
