MarketMood Weekly: Reaching Anticipated Low Below 2600

Mar 12, 2020 - 10:01 AM EDT

As impossible as it looked only a few weeks ago, the weekly chart was pointing to a low below 2600 on the S&P 500 (SPX). Current levels show this long drop actually being simply a realignment to an overbought market into where sentiment was waiting for it for quite some time.

A close for this week below 2589 SPX will signal a neutral weekly trend from near record bullish levels last week. The weekly MM MACD will issue a sell signal for next week on a close this week below 2546 SPX.

Latest charts below:

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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