Tag: SPDR S&P Regional Bank ETF

S&P Broke Several Supports but Follow-through Might Await

S&P broke key supports Tuesday, signify a bearish trend reversal. While the near-term technical backdrops favors further short-term weakness, it will be important to monitor the retreat and rebound behaviors to determine whether breakouts are decisive. In a longer term, there is a high probability of a period of consolidation activity between S&P’s 2600 and 2800 that might last several weeks if not months. This consolidation band provides a rally and retreat trading environment for traders. However, market is volatile and tight stops are advisable