The S&P500 ($SPX) sits well below it's moving averages (~19 and 21% below the 50 and 200 day, respectively).
Prices retreated from the current downward trendline, but may have found support for a new uptrend at the 2450 level. One of those trendlines will be violated soon, as both are really steep and daily price moves are still big.
According to most Elliott wave counts, the SPX is experiencing a short-term rally in a longer-term downtrend; meaning 2191 isn't the bottom. That said, we could rally to 2934 before heading back down! More commentary after the jump...Stock Market Outlook - Week of April 05 2020
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