Tag: Energy Select Sector SPDR ETF

S&P Overbought But Momentum Remains Supportive

while overbought is putting a cap on the upside the overall technical backdrop remains supportive so downside risk could be limited. It is possible that S&P could continue to drift higher as trading sentiment remains strong. As for strategy, traders should look to increase exposure into short-term market dips rather than chasing breakouts

S&P in Orderly Consolidation Phase

we wouldn’t look too much into Wednesday’s trading action because it keeps the S&P within its short-term consolidation phase. While further backings and fillings is expected, the fact that the index manages to hold on to most of the October’s gains is pretty impressive, suggesting that S&P might break to new high as soon as the market shakes off excessive bullishness

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