Look to Reduce Exposure into Overbought Strength

the fact that market is overbought as S&P poked its head into the level that had been successful in repelling price action in the past does not favor a sustain breakout. The overall technical backdrop however, remains bullish so we’d look to reduce exposure into overbought strength, which might take the S&P closer to 3030 before a significant pullback unfolds

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for October 22, 2019. SPDRs Report is the daily, weekly and monthly technical overviews and analysis for major indices, key sectors, commodities ETFs. This information is a comprehensive summary derived from our proprietary trading system.

Buying Pressure Deteriorated As S&P Tested Key Level

the big picture remains the same. There is an orderly pullback consolidation, which represents digestion period. However, the fact that buying pressure deteriorated as the S&P tested key price level suggested that most of the potential buyers at this level had already placed their bets. The next batch of buyers typically sits at a much lower level. With this in mind we’d look to reduce exposure into intraday bounces

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for October 21, 2019. SPDRs Report is the daily, weekly and monthly technical overviews and analysis for major indices, key sectors, commodities ETFs. This information is a comprehensive summary derived from our proprietary trading system.

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