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Momentum Deteriorated as S&P Tested Key Support
Money Flow measure and 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 trend channel moving average, around 2687. If it closes below that level, the next leg is likely lower, and we’re looking at 2650
S&P Vulnerable to some Downside Retracement
the S&P turned indecisive as traders wondered whether more gain is warranted given the massive advance over the past few weeks. Although the near-term momentum is currently tilted toward short-term weaknesses, the overall technical bias remains positive, suggesting that path with least resistance remains to the upside. As for strategy, a pullback will present a buying opportunity, while selling into strength may not be the best strategy in a market considered likely to bounce back
S&P Could Take a Short-term Breather
our near-term work on price structure and momentum suggested strongly that the S&P might take a breather from its recent thrust to multi-week highs. As for strategy, traders should consider purchase stocks during declines in the market rather than chasing breakouts
Look to Reduce Exposure into Short-term Strength
Editor’s note: this column was originally published on Capital Essence’s CEM News. It’s being republished as a bonus for the loyal readers. For more information about subscribing to CEM News, please click here. Good Morning, this is Capital Essence’s Market Outlook (the technical analysis of financial markets) for Tuesday April 17, 2018. Stocks rose …[read more]
S&P Outside Reversal Bar Warns of Potential Trend Shifts
Friday’s outside reversal bar together with the fact that the S&P is facing strong technical resistance after rising more than 120 points in just 2 weeks warns of potential trend shifts. A close below 2650 will confirm the bearish signal and a retest of the early April low should be expected
S&P Will See Resistance Near 2700
our near-term work on momentum and price structure suggested that the late March oversold relief rally can be sustained for a few days, potentially allowing for a test of 2700 before a significant pullback unfolds. Nevertheless, traders should consider taking profits into short-term rallies as market internals do not appear strong enough to generate sustain breakouts
S&P Internal Deteriorated But Support Remains Intact
S&P will have a downward bias this week, pressured by short-term negative momentum but we expect support at the March lows to remain largely intact. There is a high probability that market is in for a ‘range-bound’ trading environment. This is a rally and retreat environment. It is not a trending environment. Short-term traders can anticipate continued volatility with rapid up and down moves in the markets
S&P Breakouts Might Not Sustain
the big picture remains the same. There’s an orderly low-level consolidation period near S&P’s 2570-2700, which represented the digestion period in the aftermath of the February-March massive selloff. Market internals had been improve but do not appeared strong enough to generate sustain breakouts
S&P Short-term Indicators Remain Supportive of Further Consolidation
Monday’s rally attempt did not improve the posture of our short-term indicators, which remain supportive of further pullback. S&P has 2600 to trade against. If that were to break, we could see 2570-2500 next
S&P near Critical Tipping Point
S&P’s oversold rally is showing signs of buyer’s fatigue, noting a struggle for the index to get past 2700. A failure to move above key resistance means that most of the potential buyers at this level had already placed their bets. The next batch of buyers typically sits at a much lower level. This is the danger in the current market
Money Flow measure and 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 trend channel moving average, around 2687. If it closes below that level, the next leg is likely lower, and we’re looking at 2650
the S&P turned indecisive as traders wondered whether more gain is warranted given the massive advance over the past few weeks. Although the near-term momentum is currently tilted toward short-term weaknesses, the overall technical bias remains positive, suggesting that path with least resistance remains to the upside. As for strategy, a pullback will present a buying opportunity, while selling into strength may not be the best strategy in a market considered likely to bounce back
our near-term work on price structure and momentum suggested strongly that the S&P might take a breather from its recent thrust to multi-week highs. As for strategy, traders should consider purchase stocks during declines in the market rather than chasing breakouts
Editor’s note: this column was originally published on Capital Essence’s CEM News. It’s being republished as a bonus for the loyal readers. For more information about subscribing to CEM News, please click here. Good Morning, this is Capital Essence’s Market Outlook (the technical analysis of financial markets) for Tuesday April 17, 2018. Stocks rose …[read more]
Friday’s outside reversal bar together with the fact that the S&P is facing strong technical resistance after rising more than 120 points in just 2 weeks warns of potential trend shifts. A close below 2650 will confirm the bearish signal and a retest of the early April low should be expected
our near-term work on momentum and price structure suggested that the late March oversold relief rally can be sustained for a few days, potentially allowing for a test of 2700 before a significant pullback unfolds. Nevertheless, traders should consider taking profits into short-term rallies as market internals do not appear strong enough to generate sustain breakouts
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