Worries about slow down in China and tension in Ukraine caused stocks to pulled back after breaking the resistance a week before. S&P 500 index closed at 1841, down 1.97%,Dow Jones Industrial Average lost 2.35%, while Nasdaq composite decreased 2.09% for the week.
After breaking the 1850 resistance level, S&P 500 index did not successfully re-test this support level the past week. It is critical for the index to get back above 1850 this coming week, otherwise, it is likely to test 28 week moving average at 1780.
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| Weekly Chart of S&P 500 Index |
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