S&P 500 @ lowest close.....where to now?

S&P 500 the-most watched index of 500 stocks lowest close @ 2304.92 on Friday...could be a sign of things to come.....

S&P 500 lowest intraday low was only 2 trading days ago @ 2280.52

It is very interesting, not a single major index closed @ new low of this slump, that was reached either 1 to 3 trading days ago.....a sign of hope?

Markets are extremely jittery, Nancy Pelosi is not in agreement with $2 trillion stimulus package as of last report, nothing else, this may plunge indices into new all time lows unless a deal is done before open.....

SO our Friday's close may or may not hold based on Washington approach to size of stimulus package.....

RSI in key indices / index ranges from 26.75 in IWM to 36.05 in SOX......

When SOX is leading averages, then it is a very strong technical indicator.

Oil needs to move UP gradually to signal, that economic slump may not last beyond August.

Corona Virus is spreading very fast all over US Canada Italy Spain UK and worldwide, death toll is accelerating with Italy has most followed by China.

Infection is compounding @ alarming rate worldwide.

Many countries are caught unprepared and are struggling with Mask, Test kits and facilities to treat and isolate.

Some are taking this very lightly in every country and State / Province have to impose separation rules....

Futures in 3 hours will tell the story as to where we are heading in Asia, then Europe then North America....

All I can hope that democrats and republicans can agree on size and scope of stimulus package before it is causes major damage to markets....

Good luck with your own analysis of this TAPE!

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed