S&P Vulnerable to some Downside Retracement over the Short-term

S&P developed a high volatility with fast up and down moves between 2800 and 2750 over the past months. While market seems vulnerable to some downside retracement over the short-term, we’re long-term positive for S&P as we believe selloff would be shallow and quick

S&P Could Continue to Drift Higher

overbought conditions have returned on a daily basis but momentum remains supportive so downside risk could be limited. It is possible that S&P could continue to drift higher as trading sentiment remains strong. As for strategy, buying into short-term dips remains the most profitable strategy

Cautiously Optimistic

while the market could continue to drift higher as trading sentiment remains strong, the fact that the S&P is overbought as it’s pushing up against the level that had been successful in repelling price action in the past does not favor a sustain breakout. As for strategy, traders should consider buying into market dips rather than chasing breakouts

S&P Shifted to Consolidation Mode

S&P shifted to consolidation mode after the late June’s recovery rally stalled at the important sentiment 2800 mark. Momentum is not favorable over the near to intermediate term, suggesting that this is not a time to be long. What the bulls want to see is S&P stabilizes and climbs above 2800. The longer the index stays below that level, the more vulnerable it is to lower prices. This is the real danger in the current market

S&P Cleared Key Resistance but Upside to be Limited

S&P cleared key resistance, breaking out from a 6-month sideways trading range. Consecutive close above 2800 this week would signify a breakout and bullish reversal, supporting upside follow-through in the weeks ahead. However, market is short-term overbought following recent advance. There could be a sell-off in the offing but it would be shallow if so

S&P Held Minor Support But Upside Could be Limited

S&P held minor support this week. While there seems to be room to go higher, traders must be mindful that the return of overbought conditions on the daily chart. While overbought condition is normal during a pro-long uptrend, it’s suggested that upside momentum might not sustain without at least a short-term breather. With this in mind we’d consider increase exposure into short-term dips rather than chasing breakouts

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