trading pattern on the S&P 500 index suggests that short-term condition is ripe for some sort of pullback consolidations. Expect the index to trend lower towards the 1070 area in the coming days.
Articles tagged with: COMEX gold
Published on: July 12, 2010
No Comment
the trend-line moving average and the 1100 level on the S&P are short-term ceilings. If they fall, a larger upside correction could unfold, but for now they look firm. With that said, the market needs to close above the S&P 1100 level before we can feel bullish again. Until that happens, rallies are selling opportunities, as far as we’re concerned.
Published on: July 8, 2010
No Comment
the S&P 500 has carved out an important near-term bottom on the daily chart. With prices are bouncing higher in a short-term corrective rally mode, the near-term technical bias has turned up. But the index is now overbought following recent advance, some short-term consolidations likely.
Published on: June 21, 2010
No Comment
based upon recent trading actions, the S&P 500 index could be in transition from sideways to bullish trend. Traders however, should be mindful that the market is now overbought following recent advance so only buying on dips should be rewarding.
Published on: May 3, 2010
No Comment
despite the apparent stock weakness, the market internals are still very strong. So, while it’s possible that the market may continue to see some headwinds in the coming days, the S&P 500 index will get a run to new highs after this correction.
