Tag: Technology Select Sector SPDR ETF

S&P’s in Digestion Phase

the big picture remains the same. There is a consolidation near the late 2018 breakdown gap, which represents digestion period. S&P’s 2760 is the line in the sand. A close above that level could trigger acceleration toward 2800

S&P Overbought but Downside Risk Could be Limited

overbought conditions have returned on a daily basis 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, buying into short-term dips remains the most profitable strategy

S&P Vulnerable to Further Downside Retracement

S&P’s oversold rally ran out of steam near 2500. A failure to move above key resistance means 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. On balance, we remain near term negative for S&P as we believe market vulnerable to further downside retracement over the short-to-intermediate term.

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