Bearish TREND: S&P 500 Levels Refreshed

The stock market is not the economy. Growth and #EarningsSlowing has not changed; the markets re-rating of those economic risks have.

Across our core risk management durations, here are the lines that matter to me most:

1.       Immediate-term TRADE resistance = 1426

2.       Intermediate-term TREND resistance = 1419

3.       Immediate-term TRADE support = 1404

In other words, the market is now bearish TREND. What was support is now resistance. If TREND resistance remains, long-term TAIL support of 1354 is in play.

Risk moves fast,


Bearish TREND: S&P 500 Levels Refreshed - KMchart1