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S&P 500 Technical Analysis
The S&P 500 has broken pretty significantly to the downside as well, breaking through the 5800 level. There is a gap underneath current trading near the 5700 level where the 50-day EMA and the 200-day EMA both reside. We just had the golden cross, and as you can see, it just lines up quite nicely. So, I’ll be watching this closely. This will give the Europeans three days roughly before the US markets open to perhaps make a statement.
If it looks like something can be worked out or this kicks the Europeans in gear to sign a deal, or to perhaps move closer to what the Americans want, then you’ll probably see this market turn right back around. So, I wouldn’t overreact to this. It’s not necessarily the end of the world, quite frankly. Most of the big European imports are actually made in the United States at this point. We’re speaking specifically of automobiles, for example, Volkswagen and Chattanooga, BMWs in Alabama, etc. So, we’ll have to wait and see if there is any follow through.
For a look at all of today’s economic events, check out our economic calendar.
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