Momentum Remains Supportive Despite Short-term Overbought Conditions

overbought conditions have returned on a daily basis but momentum remains supportive so downside risk could be limited. It is possible that the S&P is trapped within the 2500 to 2525 trading range as we’re heading into the window dressing period. Short-term traders could play the range. However, markets are volatile and tight stops are advisable

S&P Continues Drifting Higher as Sentiment Remains Strong

S&P could continue to drift higher going into the end of the month as trading sentiment remains strong. With that said, overbought conditions can be sustained for a few days before a significant pullback unfolds

S&P's Spinning Top Pattern Signals Impending Trend Reversal

the spinning top candlestick pattern in the S&P together with short-term overbought conditions suggested that the index is at or very close to a significant near-term top. Near-term risk is to the downside. Traders should consider buying downside protection on winning positions

S&P Short-term Overbought but Downside Risk Could be Limited

S&P continues pushing up against the lower boundary of the red band. Overbought conditions have returned but momentum remains supportive, suggesting that selloff will likely be shallow and quick because sideline money will try to fight its way back into the market

S&P in Short-term Consolidation Phase

S&P is in a midst of a short-term consolidation phase. While the near-term technical bias still favors the bullish case, the index must break through 2500 to gain upside momentum. Staying below that level heralds a shift in sentiment

Short-term Overbought Conditions Can be Sustained for Few Days

S&P is short-term overbought following recent advance. Nonetheless, downside momentum does not appear strong enough to generate a decisive breakdown. So, it seems to us that the overbought conditions can be sustained for a few days

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