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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
Expect Volatility to Pick up as S&P Tests Key Price Level
this week rally pushed the S&P toward some well-defined levels. Trading action over the next couple of days will be important because it will tell us whether the recent rally has legs or if it was just another failure breakout. So it should not be surprising to see a pickup in volatility and thus some wild intraday swings
Traders Committed To Take S&P Up To 2500
S&P could continue to drift higher as trading sentiment remains strong. Our near-term work on momentum and price structure suggested that short-term overbought conditions can be sustained for a few days, potentially allowing for a test of 2500 before a significant pullback unfolds
S&P Remains in Sideways Trend that Reflects an Indecisive Market
S&P remains in a consolidation phase that reflects an indecisive market. While near-term risk is greater to the downside, the long-term technical backdrop remains positive so sell-off should be shallow and quick because the sideline money will try to fight its way back into the market
S&P Dances into Increasingly Tight Trading Range
technical pressures are building up as the market dances its way into an increasingly tight trading range. S&P’s 2450 marks the inflection point. A failure to hold above that level indicates a change in sentiment and a much deeper pullback should be expected
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 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
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 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 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
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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