If the SPX 3/4/21 bottom is broken it opens the door for a rapid decline to the 3470 to 3540 zone.
Daily Stochastic has still not reached the oversold zone implying more room for downside action.
Daily RSI has gone below the level it reached at the 1/29/21 bottom, this implies price could reach the 1/29/21 level or go lower.
The 200- day moving average frequently provides support and is near a Fibonacci retracement level. If the 3/4/21 bottom is broken, the area around the 200 - day moving average could provide significant support.
Mark
Daily Stochastic has still not reached the oversold zone implying more room for downside action.
Daily RSI has gone below the level it reached at the 1/29/21 bottom, this implies price could reach the 1/29/21 level or go lower.
The 200- day moving average frequently provides support and is near a Fibonacci retracement level. If the 3/4/21 bottom is broken, the area around the 200 - day moving average could provide significant support.
Mark