With regional banks under pressure and stock prices reversing lower, momentum is also heading lower.
This will likely see the S&P 500 test a couple of key short-term levels 3815 and 3675 before potentially sliding to 3500 and perhaps even 3029 after that.
The small cap Russell 2000 Index doesn’t look any better. We have support at 1749, but a two week close below this level and we could see decline to the 1400 level (the MFU-3 price target).
S&P 500 Index and Russell 2000 Index Charts
Twitter: @GuyCerundolo
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