Stock Market Outlook for Tue Dec 18 2018 – Carbon Copy: Oversold But Still Lower

There is no need for a full technical analysis following Monday’s plunge.

The outlook for Tuesday is a carbon copy of Monday. Stocks could have a bounce, but it will fail and the index is poised to move still lower.

This could change on Wednesday depending on the Fed’s decision on interest rates

Support Resistance Levels To Be Aware Of:

2900 was good support – this will be strong resistance

2860 was good support – this will be resistance

2830 was light support and will be light resistance

2795 is light resistance

2745 to 2750 is light resistance

2725 is light resistance

2700 is resistance

2675 is light resistance

2650 is light resistance

2620 is light support

2600 is strong support and held the market up from the lowest pullback in the present correction.

There is good support at the 2550 level from where the market bounced back from the recent correction low on Feb 9.

The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350.

2300 has the most support at present but would represent a full correction of 641 points as a drop to this level would be 21% and just 5% away from a bear market signal ending the bull market from 2009.

 Stock Market Outlook for Tomorrow – Tue Dec 18 2018 

There are no positive indicators. The market is continuing to sell-off and move lower. Caution is advised as stocks are still set to fall further.

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