recent trading actions leaving the S&P in what looks to us like an orderly low level consolidation of the October massive selloff. The index is holding firmly above 2600, a level it has not breached since market reached an interim low in October. So unless there is a serious breach of this important support, we could be range bounce from here into the end of the year.
Tag: Technology Select Sector SPDR ETF
recent trading actions leaving the market in what looks to us like a consolidation of the October massive selloff. Market internal has been weakened as S&P tests key support level. The index could signal an extended downward trajectory, depending on how it closes over the next few days. If S&P keeps closing below the 2700 level, it’ll go dramatically lower, and we’re looking at 2600
S&P broke key supports Monday, 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