Although the S&P 500 had an impressive rebound, adding more than 10% to its value this past week, the overall mid-term technical sentiment remained bearish.

The S&P 00 i5ndex lost -14.80% this past week, which was the worst weekly performance since the financial crisis in 2008. The total 5-week decline exceeded -36%

The S&P 500 index is officially in bear market conditions since last Wednesday as the benchmark value declined by more than 20% counting from the recent peak

Fast and sensitive RSI oscillator went off the extremely overbought value but remained above the threshold, which has to be monitored in terms of the breakout.

Even the daily chart shifted the bias to extremely bearish, promising further losses in the week ahead. However, the chart setup below has weekly timeframe as

The single European currency retraced versus the US dollar to 1.0847 last Friday. Before that, EUR/USD charted the lowest daily close rate in almost 2 years (1.0784).

The British stock index printed the highest rate since January 24 this past week but failed to maintain the bullish momentum and closed the week with a moderate loss of -0.26%.

The tech-heavy index soared more than 4% this past week on the back of a strong demand from traders and investors using the buy-dips trading strategy.

The S&P 500 benchmark extended the bearish technical retracement this past week. Although there were several attempts to recover from previous losses, they were nothing but technical rebounds, confirming the general tendency.

The S&P 500 benchmark went off the all-time high, losing 1% of its value this past week. Although the long-term uptrend is still in play, the index is vulnerable to a deeper bearish correction. The daily chart below shows several technical factors, pointing to such a scenario.