trading behavior in the S&P remains constrained by a short-term sideways pattern and shown little evidence of a sustainable change in trend. Momentum has been strengthened but does not appear strong enough to generate widespread breakouts. 2700 is the line in the sand. There is a no reason to turn particularly bullish until this area is eclipsed
This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for December 14, 2018. 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’s rally attempt failed near formidable resistance, indicating the path with least resistance remains lower. If the index fails to climb above 2700 this week, then the next stop will be 2600 with the possibility of a brief breakdown below that level.