The US 500 index (Cash) declined considerably today after the gap down, retreating beneath the 50-day simple moving average (SMA). The price completed a three-week low at 3,249 with the technical indicators moving south. The MACD is extending its bearish structure below the trigger line, while the RSI dropped in the negative territory, strengthening the negative momentum. In case of steeper declines, the market could meet immediate support at the 23.6% Fibonacci retracement level of the up leg from 2,729 [..]
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