S&P500 Update 14/01/2016.

Bullish Pivot Point Reversal of the prior session is now negated with S&P500 with further bearish developments overnight and a 2.5% decline. All eyes are now at the support zone to see if this bearish decline may be contained ?

Volatility indicators  are also reaching extreme readings. One may check XVI for our market with their software if they wish.

 US Options Expiration Week in January had seen more losses than gains since 1999. Average loss of around -1.4% with Dow during the down weeks is also worth mentioning.We are in a options expiration week as of this writing.

As for XAO, I keep a close eye on the support and the resistance levels of the current trading range and be mindful of the potential correction taking us to the 61.8% fib. level of the prior major move, should the current support fail over the coming days/weeks. Refer you to the earlier Monthly XAO Chart analysis.

As an another reminder, 5963 was our April 2015  High with XAO.

5963 x 0.80 = 4770. Close below this level on EOM basis, puts us in a bear market, if  the 20% major trend change rule is applied.

S&P500 Daily Chart below as at US session ending on 13/01/2016.

sp50014012016

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