FX.co ★ SPX falls below 4,000 price level.

analysis warning SPX bulls that price was vulnerable to a move towards 4,000 and lower. Today price has broken below the 4,000 and has reached the 61.8% Fibonacci retracement of the entire rise from the 3,810 lows. Short-term trend is bearish as price is making lower lows and lower highs. The RSI is far from oversold levels and there is still no bullish divergence evident. Support is found at current levels of 3.950 but I would not expect more than a short-term bounce. The downside in stocks is expected to continue over the coming sessions.