SPX Weekly Price Action Summary for Fri Jun 12, 2020

The weekly trendline shown in the chart represented a perfect "apex" point for resistance this week, with the weekly high opening at 3119.992. We saw a very significant reversal, including small caps dropping over 20%. The 50-MA has been met with resistance, so we are in between two spots not technically. The zone of resistance drawn red, and the 50 day MA colored in green. Keep in mind, that volatility across most asset classes this week was larger than that with ha wider deviation than last week, not seen since March. Next week should the 50-day MA tested as support, and with $3200 key level providing bears a much needed ceiling for the next multiple lower-highs.

21:20:22 (UTC)
Fri Jun 12, 2020