Tag: Health Care Select Sector SPDR ETF

S&P In Overbought Consolidation

our near-term work on price structure and momentum suggested that the S&P is in a midst of an overbought consolidation, which represents the digestion period in the aftermath of October’s massive rally. Over the next few days, we will look for trading behaviors as the S&P probes key support near 3025. A failure to hold above key support suggested that most of the potential buyers at this level had already placed their bets. The next batch of buyers typically sits at a much lower level

S&P Struggled To Get Pass 3000

S&P struggled to get pass the important sentiment 3000 mark but momentum 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 buy into market dips rather than chasing breakouts

S&P Bearish Shooting Star Pattern Signals Potential Trend Reversal

Thursday’s bearish shooting star candlestick together with the fact that the S&P is overbought as it test key overhead resistance suggesting that a short-term pullback consolidation is inevitable. There’s a high probability that the late-day selloff will momentum but an undercut below the 2990 is needed before there is any real prospect of a change in the medium-term uptrend pressure

Next Page »