S&P Path with Least Resistance Remains Higher

S&P cleared key technical resistance, breaking out from the one-week falling trend line. The breakout would be confirmed on a weekly close above 2585, which would support near-term upside follow-through and a test of more important resistance in the 2600 area

Correction is Merely a Pause that Refreshes

S&P is in a midst of an overbought correction. This is just a pause that is healthy for the market considering the sharp rally it’s gone through in the past months. On balance, we remain long-term bullish on the S&P and looking to buy into market dips

S&P at Critical Tipping Point

short-term momentums deteriorated as S&P moved down to test support at the lower boundary of the pink band. The longer the index stays near that level, the more vulnerable it is to lower prices. This is the real danger in the current market.

S&P’s 2575 is the Line in the Sand

while overbought conditions are likely keeping buyers at bay, positive trading sentiment could help minimize downside risk. S&P’s 2575 marks the inflection point. A failure to hold above that level indicates a change in sentiment and a much deeper pullback should be expected

S&P in Orderly Low-level Consolidation Period

the fact that the market had failed follow-through to Thursday’s bullish reversal signal indicating a lack of commitment among the bulls. Short-term momentum is weak and overbought conditions are still in place, so it might take a couple of weeks for the pullback to run its course.

S&P Entered High Volatility Phase

S&P developed a high volatility with fast up and down moves between 2570 and 2600. While there is a low probability of a full blow correction we expect increase in near-term volatility as markets digest overbought conditions

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