S&P 500 Stock Market Drop Technical Analysis 1020 Mid February; Sell Signal Oscillator Indicator First Time Since March Low
New York, NY – The stock market is most likely in for for tough sledding in the near term. The S& 500 may drop to the 1020 level by Mid February, so says a prominent technical analyst. The indicator is a particular oscillator that measures various price levels, highs, lows and intra day price ranges. This is the first time since the market lows in March that it has registered a sell signal.
In the very near term the analyst is calling for slight strength in the market (one to three days), then weakness thru at least the first half of February.
The Rex Oscillator, based on comparisons of closing levels and the open and intraday highs and lows of the stock benchmark, turned negative yesterday, suggesting the S&P 500’s rally from a 12-year low in March is losing momentum after its 62 percent surge, Stockton said.
The stock index may approach its average close during the past 200 days, sliding to as low as 1,020, Stockton said. The benchmark yesterday closed at 1,096.78, or 4.6 percent below the 15-month high of 1,150.23 on Jan. 19.
“The pullback will persist, becoming a more significant correction”.
Read More: www.businessweek.com/news/2010-01-26/s-p-500-may-extend-drop-to-11-mkm-says-technical-analysis.html
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