S&P broke key resistance Wednesday, signify a bullish breakout and upside reversal. Breakout target is around 2700-2740. Nevertheless, it will be important to monitor the retreat and rebound behaviors over the next few days to determine whether breakouts are decisive
Tag: Consumer Discretionary Select Sector SPDR ETF
current price structure suggests that the S&P is in a process of establishing a near-term support plateau from where a new up-leg will base and climb in the days ahead
S&P is at key technical juncture. Current rally is testing formidable resistance at the 2500 zone. The longer the index stay below that level, the more vulnerable it is to lower prices.
the S&P is extremely oversold following recent decline. Like a rubber band, stocks tend to snap back to the mean if they have dropped too far from the “fair” value. With that said, if lower stock prices create some values for investors, then, given everything being equal, the market should be able to find some buyers. However, give the significant damage that had been done over the past weeks, upside reward could be limited