NEW YORK ( TheStreet) -- The significant stock market decline of the past two sessions has the five major equity averages on the cusp of ending the week with negative weekly chart profiles. Such will confirm the May 20/May 22 highs as cycle highs. Only the Nasdaq may end the week with still overbought momentum.The S&P 500 will have a negative weekly chart profile given a close today below its five-week modified moving average at 1614.15. My semiannual value level is 1566.9 with a monthly pivot at 1602.8 and the May 22 all-time high at 1687.18. The S&P ended Thursday up 11.4% year to date and 5.9% off the high.
Volatility Sparking as Investors React to News
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