S&P Broke Short-term Upward Trend

S&P broke key support Tuesday, signify a bearish trend reversal with downside target near 2800. Nevertheless, it will be important to monitor the retreat and rebound behaviors over the next few days to determine whether breakouts are decisive

Momentums Deteriorated as S&P Tested Key Level

momentum deteriorates as S&P moved down to test key level. The index could signal a downward trajectory, depending on how it closes over the next few days. Key support is defined by the lower boundary of the red band. If it closes twice below that level, the next leg is likely lower and we’re looking at 2800-2780

S&P 2900 Will Act As Price Magnet

while overbought conditions might be keeping buyers at bay, the 2900 level on the S&P continues to act as price magnet. So, it should not be surprising to see stocks drifting higher into the end of the month

S&P Shifted to Consolidation Mode

our near-term work on price structure and momentum suggested strongly that S&P could be heading towards a period of consolidation. However, given that long-term trend remains bullish, any significant price drops should be met by aggressive buyers

S&P in Process of Establishing Important Near-term High

Wednesday’s outside reversal bar together with the fact that the S&P is facing strong technical resistance after rising more than 6 percent in January warns that the market is in a process of establishing an important near-term high. This increases the probability that the sell-off will momentum but a much deeper slide is needed to erase the short-term upward trajectory

New Highs Might not Sustain

the fact that Money Flow measure does not expanding as prices ascending does not favor a sustain breakout. As for strategy, traders should look to reducing exposure into intraday rallies or at least buying downside protection for winning positions

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