Stocata S&P 500 Analysis: June 1, 2019.

A week ago I wrote: Last week I wrote: "Most probably we will see a confirmed convergent move between price and the Stochastic RSI indicator with lower tops in both price and indicator. That will confirm the down move once the up correction is completed." This is what happened last week. Reason why we have to believe in a further move down the coming week(s). I expected the index to go down to a first target at 2820. The low price past week came close to 2800. The index will possibly close the last gap before continuing the down move for a wave 3. Read my updated comments for the weekly chart and monthly chart for more information regarding the longer term view.

Last week I wrote: "The index will possibly close the last gap before continuing the down move for a wave 3." The gap was not closed the past week, I believe this is not a good sign. Furthermore, we had one more gap the end of the week. The index is now below the 100- and 200 day simple moving average so, maybe the last gap will be closed the coming week. I expect a small correction only. Price reached a 161.8% Fibonacci target. Here there will be some price support. Read my updated comments for the weekly chart and monthly chart for more information regarding the longer term view.