S&P 500: Technical sell-off could continue to retest 4,000/3,976


The S&P 500 took another tumble this week, down 2.53%, as the index broke below the key support level at 4,190 and the 100-day EMA crossed over the 50-day EMA. To make matters worse, the downtrend channel, which began to emerge in July/August, has now broken to the downside, making the lower-lows chart pattern look even more bearish. 

The S&P 500 is oversold and could bounce off from here. Be aware though, that the bears may try to take the index down to retest 4,000/3,976 if the market is disappointed by the outcome of the FOMC meeting next week. Keep an eye on the release of Apple's fiscal Q4 earnings results on November 2.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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