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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

S&P’s Rally Shown Signs of Buyer’s Fatigue

S&P’s rally is showing signs of buyer’s fatigue, noting a struggle for the index to get past 2940. 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. This is the danger in the current market

S&P’s Waning Upside Momentum Forewarned Lower Stocks Price

daily chart of the S&P has shown signs that upside momentum is waning as the index shifted to overbought consolidation phase. Although seemingly vulnerable to further short-term weakness, the overall technical backdrop remains positive so pullback should be shallowed and quick

Trading Strategy – SPDR S&P Homebuilders ETF

  Homebuilders stocks tumbled Wednesday following report that sales of new single-family houses in June 2018 were at a seasonally adjusted annual rate of 631,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.3 percent below the revised May rate of 666,000.  …[read more]

Trading Strategy – SPDR S&P Homebuilders ETF

  One of the noteworthy developments in recent days has been the move in homebuilders. The group was under selling pressure Monday following report that Pending Home Sales rose just 0.4% MOM, missing expectations of 0.7% MOM, and prior months sales also revised notably lower, February down to 2.8 percent from 3.1percent. The SPDR S&P …[read more]