S&P 500 Index Price Pattern Similar to 2008 Market Crash?

Chris Kimble
s&p 500 index broken bull market trend line market crash chart image_april year 2020

S&P 500 Index “weekly” Chart

Last week’s sharp rally off the lows, gave bulls some relief.

But if the bulls are going to have reason to cheer, they will need to see another move higher… and fast!

Why? Just look at today’s “weekly” price chart of the S&P 500 Index. INDEXSP: .INX

This key broad-based index broke a 10-year bull market trend line in March. And it’s now kissing the underside of the trend line at (2).

The last stock market crash saw a similar pattern in 2008. And after a failed “kiss” selling pressure accelerated. Sometimes things don’t “repeat”, but rather “rhyme”. Will we see selling pressure pick up? Stay tuned!

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