A sharp selloff ahead in the S&P 500 might be on the cards, Watch how Geoff Wilkinson, Associate at Linear Investments, shares the key technical levels and outlook for the S&P 500, West Texas Oil, Stoxx 600, and the Stoxx 600 Oil & Gas.
S&P 500: Fund managers missed the first selloff, now what?
Wilkinson explains how the S&P 500 is reaching the key level of 2065-2075, which appears to be the bottom part of its previous range before the selloff. He warns how the previous selloff from the above mentioned levels was missed by most fund managers.
Although the market appears to be grinding higher, being rejected from the mentioned key levels, and dipping below 2040 will likely see a very sharp fall.
West Texas: $44 remains key
On crude oil, Wilkinson offers the technical outlook for the West Texas oil, believing that a close below $44 will lead to further declines in the black gold.
For technical insights and levels for Stoxx 600 and Stoxx 600 Oil & Gas, watch the video
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