Stocks Analysis by Dr. Arnout ter Schure covering: S&P 500. Read Dr. Arnout ter Schure 's latest article on Investing.com
“…the $5093 level is support, tested today, and a break below it would be a strong warning to the bulls. Ultimately, we need to see a break below $5056 … and a follow-through below $4946 … to confirm a significant top has been struck. However, if, like last, the index breaks higher because the bears fail to break below critical levels and reach the next target zone of ~$5260, support will be moved up to $5150.
Thus, the price action is ticking off all the ED boxes. However, as always, the forecast is contingent on holding above the colored warning levels, with a 1st warning for the Bulls below yesterday’s high, a 2n warning below Tuesday’s low, and a break below the red warning level at $5055 will trigger a drop to $4600+/-100.
Price is the final arbiter, and as such, the Bears have yet to break it below the colored levels …, which we use to alert our premium members the odds are for a top are increasing with each subsequent break lower.” Three weeks later, the divergences are even more apparent. Still, the index’s price has yet to respond to it, showing that, indeed, price is the final arbiter as divergences are a condition, not a trigger.
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