S&P 500 Breakdown: Next Downside Targets to Watch
TThe S&P 500 has broken key support, confirming a shift into a downtrend. Dave Keller outlines the next downside targets and the indicators to watch for a potential bounce or continued weakness.Follow along as Dave breaks down the recent S&P 500 decline. The index has decisively fallen below key support levels, including the 200-day moving average, confirming a shift into a bearish trend phase. He explains how momentum has transitioned from neutral to bearish, using RSI behavior and trend models to assess the strength of the downtrend. Dave then maps out potential downside targets using Fibonacci retracements, highlighting a key support zone around 6150–6200. He also reviews volume and breadth indicators, including Chaikin Money Flow, the McClellan Oscillator, percent of stocks above the 50-day moving average, and the Nasdaq 100 bullish percent index, to identify conditions that could signal a short-term bounce within a broader distribution phase.
LINKS
Dave's chart of Nasdaq 100 Bullish Percent Index: https://schrts.co/qbBpbDbB
Dave's daily market recap show: http://marketmisbehavior.com/chartthis
00:00 Welcome
01:54 Key Levels: Bullish vs Bearish Framework
04:03 March Selloff & Breakdown Below Support
07:07 Momentum Turns Bearish
09:09 Market Trend Model & Portfolio Strategy
15:27 Oversold Conditions & Bounce Setup
18:24 Volume Turns Negative (Chaikin Money Flow)
20:08 Breadth Indicator: McClellan Oscillator
20:46 Breadth Indicator: % of Stocks Above 50-Day MA
21:32 Nasdaq 100 Bullish Percent Index
22:35 Identifying Short-Term Bounce Signals
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