Tag: XHB

S&P Setup for a Snapback Bounce

S&P broke several supports following Wednesday’s massive selloff. When key supports broke it means that long-term buying pressure has finally been exhausted. Nevertheless, our near-term work on momentum and price structure suggested strongly that Wednesday’s market action smacked of short-term capitulation. The S&P is setting up for a near-term relief rally, but given the damages done, any rallies would be short-lived

S&P in Holding Pattern

market is in holding pattern as traders are watching to see whether or not the S&P can hold above 2880. Money Flow measure and momentum had been deteriorated, suggesting that the support might not hold for long. A failure to hold above key price level means that long-term buying pressure has finally been exhausted. On balance, we remain near term neutral/negative for S&P as we believe market vulnerable to some downside retracement over the short-to-intermediate term

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