#SP500- Bulls need 4400 intact
After dropping to 4250 in January, SP500 has started to recover and has risen to 4600 confluence resistance given by a falling trend line and a horizontal level.
A correction followed this move and, again, SP has stopped its descent in 4450 newly formed support.
If the 15% drop from the beginning of the year was just a correction or the beginning of a medium-term downtrend remains to be seen.
What is pretty clear at this point is that as long as the price stays above 4400 we can expect a new leg up and a daily close under this figure would expose the recent low, but more importantly would confirm a lower high at 4600, which is very bearish for the stock market.
P.S: Charts are similar for Dow30 and Nas100
