S&P 500 Head And Shoulders Top Confirmed- Pattern Suggest Further Potential Downside To $4100
Portfolio Pulse from David Keller
The S&P 500 has confirmed a head and shoulders topping pattern, suggesting a potential further downside to $4100. Key stocks like Apple, Inc. (NASDAQ:AAPL) and Tesla Inc. (NASDAQ:TSLA) have shown signs of distribution, contributing to less bullish breadth conditions. The bearish tone is expected to continue into the coming week, with the recent selloff partly attributed to the Fed meeting and Powell's press conference.
September 26, 2023 | 4:00 pm
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NEGATIVE IMPACT
Apple's stock has shown signs of distribution, contributing to the bearish tone in the market.
The article mentions that Apple's stock has been breaking down, which is a sign of distribution. This could lead to a decrease in the stock's price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Tesla's stock has shown signs of distribution, contributing to the bearish tone in the market.
The article mentions that Tesla's stock has been breaking down, which is a sign of distribution. This could lead to a decrease in the stock's price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70