Firmest Support on SP500 Still a Lot Lower

SP:SPX   Der S&P 500 Index
Zig Zag overlay on the weekly SP500 makes it clear that recent drop has a ways to go before reaching the most solid support area in sight. That area is defined by the consolidation pattern formed between mid-2014 and mid-2016 -- the breakout of which led to to the ascent in the S&P 500 from late 2016 into January 2018.

The top of that consolidation pattern indicates a support zone circa 2140 -- nearly 500 points down from where we are now.

Not saying we're heading there immediately. It would not be surprising if we saw some consolidation of the recent decline. But the probabilities suggest more down-side in the weeks and months ahead.
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