“The S&P 500 may have put in a significant top at yesterday’s high of 6427. The ensuing move lower appears convincing enough to signal a decent correction, but for this initial sign to solidify, the index must get a follow-through today.
As discussed a few days ago, a test of the 20-day moving average, which sits near the 6260-6280 zone, is a distinct possibility and could occur as early as next Monday. We have been tracking the S&P 500 very closely, and with these clear signs of a potential reversal now present, we can project a decline towards 6200. Should that level be breached, a subsequent test of 6025 could occur swiftly.
On the time front, today is a critical cycle date, adding another layer of significance to the current price action.”
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