S&P broke above the late March falling trend line, signify an upside reversal and bullish breakout. Nevertheless, the return of overbought conditions on an intraday basis will put a cap on the upside. As for strategy, traders should consider taking down exposure into overbought strength, which might take the S&P closer to 2860 before a significant pullback unfolds
so far the upswing that started off the October low of 2710 on the S&P has proved nothing as far as its staying power or as a possible major upswing. Resistance is strong between the 2823-2873 zone and upside momentum does not appear strong enough to generate a decisive breakout. With this in in mind, we would consider taking down exposure into additional strength.
One of the noteworthy developments in recent days has been the move in metals. Selloff in industrial metals intensified as the latest tariff threats from China and the U.S. escalated worries about the effect of a trade battle on the global economy. The Invesco DB Base Metals Fund (DBB) dropped more than 7 percent […]
Base metals tumble Monday as the escalating trade conflict between the U.S. and China slams industrial metals directly affected by trade pacts as well as those hit by the risks of an economic slowdown. As such, the Invesco DB Base Metals Fund (DBB) fell 1.77 percent to 17.73, down 8.7 percent YTD. Now the […]