The market was overbought, so the retreat appears to be normal.
Despite this, the 4,110 support level appeared to be fairly firm. From here, the SP 500 should be able to recover.
What a surprise. We had another down day. On the daily Renko chart, the RSI is falling like a rock from 97 to 55; however, the index only falls a little more than 1%, or 50 points or so.
On the hourly Renko chart, the next support levels are 4110, 4098, 4086. Today’s low did touch 4110 as predicted yesterday. So far, the pullback has been very orderly and gradual. We are not seeing any panic selling. On the hourly chart, the RSI is approaching 20, currently, at 42. There might be a bounce back up soon. Unless the price breaks below 4062, this is a healthy pullback.
