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

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