S&P Resumed Major Uptrend

S&P broke above key resistance Friday, resumed the major uptrend with initial upside target near 2900. Nevertheless, it will be important to monitor the rally and retreat behaviors over the next few days to determine whether breakouts are decisive

Cautiously Optimistic

our work on price pattern and momentum suggested that S&P could be in an early stage of a distribution phase. On balance, we’re cautiously optimistic on stocks over the short-term and look to trim positions into overbought strength

Expect Continued Near-term Volatility as Bottoming Process Unfolds

it seems to us that S&P found some solid footing near 2750. This is a positive development that could allow for at least another rally attempt. However, resistance is somewhat formidable on an intraday basis, so we expect continued near-term volatility as the bottoming process unfolds

S&P Broke short-term Upward Trend

Wednesday’s downside follow-through confirmed Tuesday’s bearish reversal signal. Nevertheless, it will be important to monitor the retreat and rebound behaviors over the next few days to determine whether breakouts are decisive. We’d turn particular bearish if the S&P closes below 2680 on a weekly basis

S&P Oversold Relief Rally Might Have Run Its Course

currently rally is testing resistance at the trend channel moving average. Friday’s bearish shooting star candlestick pattern suggesting that the oversold relief rally might have run its course. Right now, follow-through is the key. We’d turn particular bearish if the S&P closes twice below 2725. A break below that level has a measured move to 2650-2540.

Momentums Deteriorated as S&P Testing Key Level

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 lower boundary of the red band, around 2675. If it closes below that level, the next leg is likely lower, and we’re looking at 2645-2600

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