Published:
The S&P 500
SPX, after having gapped to all-time highs a little more than a week ago, is now in a modest (so far) corrective mode. SPX has now closed both of the gaps that were in place in late October and has closed below the first support level of 6,750. This is not a major breakdown of the chart at this point. SPX has merely pulled back to its rising 20-day moving average.
The next support level is the 6,500 to 6,550 level that has been tested and held several times. If that were to be broken, then a much more bearish outlook would be in store.
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