Tag: SPX

S&P Will Eventual Breakout Above 3000

there is currently a test of resistance at the important sentiment 3000 mark on the S&P. A close above that level on a weekly basis would signify a breakout and bullish reversal, supporting upside follow-through in the weeks ahead. On balance, we remain bullish on the S&P and looking to buy into market dips

S&P’s Upside Gains to be Limited by Overbought Conditions

S&P’s quick run is showing some signs of exhaustion. Notice how the index struggled to get pass the important sentiment 3000 mark. While downside risk is limited at the moment, the return of overbought conditions on the daily chart does not favor a sustain breakout. With this in mind we’d consider increase exposure into short-term dips rather than chasing breakouts

S&P In Orderly High Level Consolidation Phase

recent trading actions leaving the S&P in what looks to us like an orderly high level consolidation of the late June rally. The index is ticking ever closer to 3000. Some aggressive traders might use this level like a magnet to sell against, but it doesn’t have much significance outside of just being a nice round number. If the index could hold above 2950 this week then a move above 3000 would be easier to achieve

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