S&P Vulnerable To Further Downside Retracement

S&P broke key support Wednesday, signify a bearish breakout with downside target near 2924. While seemingly vulnerable to further short-term weakness, it will be important to monitor the retreat and rebound behaviors over the next few days to determine whether breakouts are decisive. We’d turn particular bearish if S&P closes twice below 3000

Cautiously Optimistic

S&P cleared key resistance Wednesday. While there seems to be room to go higher, traders must be mindful of the return of overbought conditions on an intraday basis

S&P’s 2974 Marks Inflection Point

while overbought conditions are likely keeping buyers at bay, positive trading sentiment could help minimize downside risk. S&P’s 2974 marks the inflection point. A failure to hold above that level indicates a change in sentiment and a much deeper pullback should be expected

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