S&P’s Near-term Downside Risk Heavily Outweighs Potential Reward

S&P tested and held support at the lower boundary of the pink band but it doesn’t mean that we’re out of the woods. Given the looming resistance near S&P’s 3000, there is no big commitment to accumulate stocks aggressively at this point. With that said, until the overhead resistance is eclipsed, downside risk appears to heavily outweigh potential reward

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for July 19, 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.

S&P Vulnerable To Some Downside Retracement

S&P broke support at the important sentiment 3000 mark. A failure to hold above key price level means that long-term buying pressure has finally been exhausted. On balance, we’re near-term negative for S&P as we believe market vulnerable to some downside retracement over the short-to-intermediate term

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for July 18, 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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