Tag: SOXX

High Probability that Tuesday Late-day Selloff Will Momentum

Tuesday’s bearish reversal bar together with the fact that the S&P is overbought as it test key overhead resistance suggesting that a short-term consolidation is inevitable. There’s a high probability that the late-day selloff will momentum but an undercut below the 2820 is needed before there is any real prospect of a change in the short-term uptrend pressure

Looming S&P Breakout

the big picture remains the same. There is an orderly pullback consolidation, which represents digestion period. There is a high probability that the S&P will break out from current trading range as soon as the market shakes off weak hands bulls

S&P in Digestion Period Prior To New Upswing

the big picture remains the same. There is an orderly pullback consolidation, which represents digestion period. The fact that the index managed to hold on to most of recent gain in the face of such extreme overbought condition, 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

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