The stock market, as measured by the S&P 500 Index SPX, is struggling to maintain some bullishness after bouncing off support at 4200 (and also bouncing off its 200-day Moving Average at the same time). There are certainly headwinds presented by yet another Mideast crisis, but the technical picture presents problems of its own.
First of all, the chart of SPX is still in a downtrend. The patterns of lower highs and lower lows has not been broken. The downtrend line is current at 4430 and falling. Second, there is still the…
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