S&P 2550 is the Line in the Sand

the big picture remains the same. There is a consolidation within the confines of the pink band, which represents digestion period. 2550 is the line in the sand. A failure to hold above that level would see an unwelcome pickup in downside volatility and bring the trend channel moving average back into view

Bullish Trading Sentiment Fueling Market Melt-up

S&P could continue to drift higher going into the end of the week as trading sentiment remains strong. With that said, overbought conditions can be sustained for a few days before a short-term pullback unfolds

Enthusiastic Market Sentiment Points to Near-term Weakness

stocks could keep up their slow march higher in the coming days as trading sentiment remains strong. However, the fact that the S&P is getting close to the upper boundary of its short-term trading range is always a hesitation. In fact, enthusiastic market sentiment could point to weakness as well, given that market sentiment is often viewed as a contrary indicator

S&P Breakouts Will Not Sustain

while the overall technical backdrop remains bullish with the long-term trend pointing upward, daily chart of the S&P 500 index has now shown significant signs that momentum is waning. Over the near to intermediate term the technical suggested that breakouts will not sustain

S&P in Early Stage of Distribution Phase

our work on price pattern and momentum suggested that S&P could be in an early stage of a distribution phase. On balance, we remain negative on stocks over the short to medium-term as we believe market vulnerable to some downside retracement

Market Remains Overbought as S&P Tested Key Support

market remains overbought as S&P tested key support. The index could signal an extended downward trajectory, depending on how it closes this week. If it falls below 2540, then the next stop will be 2500 with the possibility of a significant correction to 2400 by early November.

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