S&P Slumps To Critical Technical Level

A weak Manufacturing PMI and the narrative is shattered…

All the major US equity indices are at (or below) critical technical support levels:

• Nasdaq (upper left) – broken below 50- and 100-DMA

• Russell 2000 (lower left) – broken below 50-, 100- and 200-DMA

• Dow (upper right) – testing down towards 50-DMA

• S&P (lower right) – testing 50-DMA for the 3rd time in a week…

Will 3rd time be the charm for the bears?