Equities look for more downside

As per our previous post, we have mentioned that a breakout confirmation of the 4066 region can spell more downside movement for the S&P500 towards the next support at 3963 which is the region where the index closed the week off at.

The next level of support to look at is not far away which is at 3915 and is likely to reach with the risk off sentiment in the market. The 3815 remain a key support level as a breakout of this support can indicate a continuation of the bearish market for the equities index. However, if price manage to climb above the 4066 region, a shift to short term risk on can be assumed.