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The Bad Omen of 6.6% Decline of S&P 500 in May

Kristin Alonzo

05-Jun-2019 08:43 AM

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S&P 500 on May 31st ( -1.35% on the last trading day of May, a full decline of 6.6% for the month)

S&P 500 on 1st trading day of June - falling slightly below 200 DMA support

S&P 500 on June 4th- staged 2nd biggest rally for the year at +2.17% (largest gain for 2019 was at January 4th +3.35%)

The above technical chart can be interpreted in 2 scenario

1.  A healthy correction from record high;

2. A prelude to bear territory

To be certain, plot the pivot of 275 as bench support for Neutral - Bullish bias view, under 275 it will likely correct to 266- 256 support area.  

 

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