The charts suggest the S&P 500 SPX, +0.89% is likely to experience a “strong, counter-trend (oversold) trading rally,” that could take potentially take the index up about 7% from current levels, and “possibly higher,” said Dan Wantrobski, technical strategist at Janney Montgomery Scott. He said over the longer term, the corrective cycle could extend further, with the next downside support seen in the 2,540-to-2,550 range. But over the short run, bullish technical divergence, in which some momentum indicators made higher lows while the S&P 500 made lower lows, suggests a potential selling exhaustion, Wantrobski said. https://www.marketwatch.com/story/charts-suggests-strong-counter-trend-rally-is-likely-for-sp-500-2018-02-09