SP 500 Long term view
The SP 500 has recently broken below the 740 support.
Most of other indices have also broken down below their 2002/2003 low.
Such an occurence of bearish events often trigger panic selling move.
As you can see on this very long term chart the SP 500 also validated a major double top pattern with a chartist target around 400.
The 400 zone also corresponds to a long term consolidation/support zone.
Hopefully the 600 zone is the first support zone, this can be seen if we connect the lows of 1942, 1974 and 1982 on a log. chart.
Hopefully the 600 zone is the first support zone, this can be seen if we connect the lows of 1942, 1974 and 1982 on a log. chart.
This zone also correponds to a fibonacci retracement of 61.8% of the bull market active since 1982.
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