S&P's Held Support but Upside Gains to be Limited

S&P tested and held support at the trend channel moving average but lagging Money Flow measure suggested that upside gains could be limited. Recent trading actions leaving the S&P in what looks to us like a back-and-forth consolidation of the early May massive rally. Wednesday’s rebound pushed the index back into the multi-week narrow trading range. At some point the market will eventually breakout from the tight trading range. That, if and when it happens, should be a fierce move. And this is something traders need to look out for

S&P Flat Flag Resolved into New Downswing

S&P broke key support Tuesday, signified the two-week flat flag had resolved itself into a new downswing. Nevertheless, support is strong near 2672. It will be important to monitor the retreat and rebound behaviors over the next few days to determine whether the breakdown is decisive

S&P Trapped in Narrow Trading Range

S&P is trapped within narrow trading range as we’re heading into the end of the month. Technical pressures are building up as the market dances its way into an increasingly tight trading range. S&P’s 2700 marks the inflection point. A failure to hold above key level indicates a change in sentiment and a much deeper pullback should be expected

Look to Increase Exposure into Short-term Market Dips

trading behavior in the S&P remains constrained by a short-term sideways pattern and shown little evidence of a sustainable change in trend. As for strategy, we’d look to increase exposure into short-term market dips

S&P Held Support but Upside Could be Limited

S&P retested and respected support at the lower boundary of its 2-week sideways trading range. Nevertheless, Wednesday’s rally attempt did not improve the posture of our short-term indicators, which remain supportive of further backings and fillings. S&P has 2750 to trade against. If that were to break, we could see 2800 next

S&P 2700 is the Line in the Sand

so far the May’s oversold rally has proved nothing as far as its staying power or as a possible trend reversal. While there is a high probability that the late-day selloff will momentum but an undercut below S&P’s 2700 is needed before there is any real prospect of a change in the short-term sideways trading pattern

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