S&P in Orderly High Level Consolidation Phase

recent trading actions leaving the S&P in what looks to us like an orderly high level consolidation of the March rally. The index is ticking ever closer to 2900, a level it has not breached since market broke down in late 2018. Some aggressive traders might use this level like a magnet to sell against, but it doesn’t have much significance outside of just being a nice round number

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for April 12, 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.

Additional Consolidations Could Unfold Between S&P 2860-2900

although Wednesday trading action was very encouraging, there is no reason to turn particular bullish unless the bulls manage to take out key technical resistance at the important sentiment 2900 mark on the S&P. Our near-term technical bias is that for the near-term further consolidations could be unfold between 2860 and 2900. Short-term traders could play the range. However, markets are volatile and traders may prefer not to hold large positions overnight

SPDRs Report

This is Capital Essence’s U.S. Market ETFs Trading Map – SPDRs Sector Report for April 11, 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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