S&P 500 – Sharp Decline Seen As Traders Get Jittery Before Earnings Season | Forex Factory

  • S&P 500 – Sharp Decline Seen As Traders Get Jittery Before Earnings Season

    From marketpulse.com

    US stocks fell the most in 2 months, sending S&P 500 1.26% lower and affirms the index's worst start to a year since 2009. As there wasn't any major US economic news yesterday, the spontaneous decline was triggered by mere sentiments. However it should be noted that bearish sentiments are strong, and is not without merit. Investors were already jittery to begin with as Stock prices have been rallying strongly in 2013 without any significant bearish pullback. Hence, there has always been lingering doubts about how far current bullish momentum can continue. Corporate fundamentals are not helping the bullish cause ... (full story)

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Mike Haran
Jan 14, 2014 2:59am
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http://screencast.com/t/KK3Zzyi5jjPb

The extreme move of yesterday will be retraced, the question is how far?

I think that 1832 area and 1838.5 are two possible targets, however watch also 1823.3 as well as this was former resistance. I have noticed that often the moves start in the US session which is not really suprising as this is a US market.

I will look for weakness at these price levels.
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