Tag: Energy Select Sector SPDR ETF

Traders Committed to Take S&P Up to 2800

while the overall technical backdrop remains bullish, recent rally has created overbought conditions. With this in mind, we’d look to reduce exposure into overbought strength, which might take the S&P closer to 2800 before a significant pullback unfolds

Cautiously Optimistic

Monday’s upside follow-through confirmed last week’s bullish breakout and opened up for a test of the more important resistance near the 2600-2640 zone. Near-term technical backdrop has been strengthened but does not appeared strong enough to generate sustain breakouts. With this in in mind, we would consider taking down exposure into additional strength, which we think could take the S&P closer to the trend channel moving average before a significant pullback unfolds

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