Further to yesterday's post, the SPX has filled one prior gap up (in between the blue lines) and is currently filling a second (in between the red lines) (both made in the latter part of April), as shown on the following Daily chart.
At the moment, near-term support sits somewhere around 2320 (price support) to 2338 (external Fibonacci support shown in yesterday's chart).
A drop and hold below 2320 could see a swift plunge to 2250, or lower and may be influenced by a major change in market perception of Washington's ability (or inability) to function and produce any meaningful progress on the kinds of economic stimulus programs, tax cuts and reforms, etc., as promised by politicians during last year's election and, on which, market players were counting, as they invested heavily from that time...particularly, as the Fed reduces its monetary stimulus measures and continues raising interest rates.
We'll see where any political facts (if they surface), relating to ongoing investigations, lead the markets. No doubt any major shift in overall market confidence (to the downside) would produce such facts and resolutions sooner rather than later, inasmuch as 3 Trillion dollars added since the election remains at stake, as I've described here and here.
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UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Wed. May 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. May 23 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9, Feb. 21 PMI came in at 47.6, Mar. 22 came in at 44.7 & Apr. 18 came in at 44.5 (contraction mode deepens!)
* Wed. May 29 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 7 @ 8:30 am ET ~ Employment Data
* Wed. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. June 14 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. June 19 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...