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
Tag: Technology Select Sector SPDR ETF
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 cleared key level, breaking out from a short-term sideways trend. The S&P may extend its multi-week uptrend should it advance above major resistance level established in the past weeks
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.