According to JPMorgan we have reached a bottom in S&P500

The S & P500 index has reached the lowest level of nearly five months on Tuesday, which may indicate better days ahead, according to JPMorgan Chase & Co technical strategist Jason Hunter. Breakthrough to new corrective levels is an indication that we have technical elements to form a new bottom. Any lowering of the price below $ 2700 will be crossed by buyers.

The S & P500 fell to $ 2627.40 in the Friday session, after which it found strong support from the bulls and regained some of its value to $ 2669.18, closing it for the day and the week. Hunter expects to form a new cycle of the bullish market in early 2019.

Dennis Gartman, of The Gartman Letter, also sees the $ 2700 SgP500 as a key area. According to him, this level will play the role of a "belt" for market participants, although the endurance of the level, and when, is questionable. But according to the Gartman move up to $ 2820-2850 range is acceptable.
The initial adjustment of the index to the support zone between $ 2674 - $ 2693 created a strong bearish acceleration since mid-week, which led to a stronger sell-off on Friday. Moving back above resistance zone $ 2755 - $ 2768 will confirm that the upward trend is sustained and the $ 2816- $ 2826 levels on the horizon, as well as the resistance of $ 2,865.

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