Chart of the day: S&P 500 faces fresh falls

PUBLISHED : Wednesday, 06 August, 2014, 3:12am
UPDATED : Wednesday, 06 August, 2014, 3:12am

The reluctant rally of the S&P 500 Index might just be at an end - at least for now. Monthly volume is at one of the lowest points in 30 years, underlining the reticence of investors to buy big into the supposedly bullish story. A big drop in the S&P 500 last week, following the previous week's indecision, hints that an interim top is in place that could last several weeks, maybe longer. Technical charts suggest an initial drop to the 200-day moving average at 1,863, possibly followed by a retreat to trend line support taken from the low in October 2011.

Nicole Elliott is a technical analyst