divergence starts showing up in the Money Flow measure as the S&P tested formidable supports. Typically, this is a sign that the selloff may be mature and stocks are, therefore, at risk to a short-term rebound. Near-term, there is a high probability of rapid rallies and retreats between 2530 and 2600. Short-term traders can play the range but the market is volatile and tight stops are advisable
This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for December 18, 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.
Friday’s decline led to a serious breach of several supports. The breakdown breakout would be confirmed on another close below 2600, which would support near-term downside follow-through and a test of more important support in the 2530-2515 zone