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Limits to S&P correction?

November 19, 2018 : Permanent Link

(The Technical Analyst) The S&P has undergone a significant shift in sentiment but the 2500 level may provide key support, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets. Davis points out that the recent S&P selloff has taken it below the 55, 100 and 200-day moving averages and below the long-term ascending channel from late 2015 (see Chart 1). Moreover, selling intensity increased dramatically after the 200-day moving average was pierced (see lower pane Chart 1), confirming a major change in sentiment.

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