Tag: Energy Select Sector SPDR ETF

S&P in Consolidation Phase Prior to New Upswing

several key technical indicators suggest that S&P is in a midst of a short-term consolidation phase. The fact that the index managed to hold on to most of recent gains, indicating an internal strength. This increases the probability that the S&P will break out from current trading range as soon as the market shakes off the excessive bullishness

S&P in a Midst of Oversold Consolidation

our near-term work on price structure and momentum suggested that the S&P is in a midst of an oversold consolidation, which represents the digestion period in the aftermath of last week’s massive selloff. Over the next few days, we will look for trading behaviors as the S&P probes key technical resistance near 2930. There is no reason to turn particular bullish until this zone is eclipsed

S&P’s 3000 is the Line in the Sand

recent trading actions leaving the S&P in what looks to us like a back-and-forth consolidation of the June rally. This week’s correction is testing support at the lower boundary of the pink band. This level was tested several times over the past months. It’d be important to monitor the retreat and rebound behaviors. We’d turn particular bearish if S&P closes twice below that level

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