S&P 500 drops below key level in rout

Technical Analysis

Author: Adam Button | spx

S&P 500 down 46 points

The S&P 500 has taken out yesterday's low in a drop below a key level. The selling takes it through 2816 which was the Oct, Nov and Dec high and also capped a rally in Fed and March before finally breaking last week.

It was precisely where the market held yesterday before making a strong break higher but today's rout has broken it.
S&P 500 down 46 points
The German manufacturing PMI is certainly something that's spooking the markets along with economic worries. The big thing is the inversion of the yield curve.

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