Tag: Financial Select Sector SPDR ETF

S&P’s Testing Formidable Resistance

Tuesday’s oversold relief bounce is testing formidable resistance at the S&P’s 2862. Momentum has been strengthened but does not appear strong enough to generate widespread breakouts. The longer the index stays below that level, the more vulnerable it is to lower prices

S&P Will Take A Short-term Breather

the current overbought situation together with the fact that the S&P is now facing a strong technical resistance does not call for an immediate break to the upside. So it would not be surprising to see the market churns around current level

S&P in Overbought Consolidation

an overbought pullback consolidation interrupted the March rally in the S&P. Although seemingly vulnerable to further short-term weakness, the overall technical backdrop remains positive so sell-off could be shallow because the sideline money will try to fight its way back into the market

S&P Will Stabilize Near 2800-2750

S&P broke several supports last week. When key supports broke it means that long-term buying pressure has finally been exhausted. The stronger the support level, the more powerful the selloff. Nevertheless, support is strong near the 2800-2750 zone. This could help minimize downside follow-through and widespread breakdowns

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