S&P Takes A Short-term Breather

our near-term work on price structure and momentum suggested strongly that the S&P might take a breather from its recent thrust to new highs. As for strategy, traders should consider purchase stocks during declines in the market rather than chasing breakouts

The Path With Least Resistance Remains Higher As Long As S&P Holds Above 3100

S&P turned indecisive as traders wondered whether more gain is warranted given the massive advance over the past few weeks. Although the near-term technical bias is currently tilted toward weaknesses than strengths, the path with least resistance remains to the upside as long as S&P holds above 3100. As for strategy, a pullback will present a buying opportunity, while selling into strength may not be the best strategy in a market considered likely to bounce back

S&P At Key Technical Juncture

S&P is at key technical juncture. Current rally is testing resistance at Tuesday’s bearish breakaway gap. The longer the index stay below that level, the more vulnerable it is to lower prices

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