21 Jun 2021, 11:09
On the S&P 500 Index chart, we see the main index breaking below a crucial channel support line. After having failed to break above the all-time high, it triggered a wave of selling instead. We need to observe how drastic would this sell-off become in the coming week. June has been disappointing as far as the bulls were concerned. But we would look to see if there are further support levels for the bulls to make a rebound.
Now that the index has broken below the channel support line, the next potential support we are looking at would be this green channel support. If the index could bounce off this support, then the stock market could resume its traditionally bullish trend in July.
We could see a little bearishness in the market in the next few days. Therefore, stay safe and manage your porfolio well.
Join our community!
To get more regular market updates, insights and strategies, simply join our community list by clicking here now!
EmSociety is a community that aims to empower you with knowledge & strategies to confidently invest in the financial markets as well as our vision of making financial freedom accessible to everyone.