S&P 500 Divergence and Support
The move everyone was waiting for ,,but in the wrong direction.
With historically low volatility in the S&P 500 the stock market adage that low volatility leads to high volatility has held true.
Commentary surrounded the Index suggesting it could move either way, and has finally shown its hand.
The WEEKLY chart shows the current breakout following the OP Outside Period.
Recent history shows with this type of reversal a retracement of about 8% has taken place shortly afterwards.
This would suggest a price target of 2010 points, of interest there is a confluence of Fibonacci levels 38.1 and 76.2 at 2040.