Tag: XLB

S&P Vulnerable to Short-term Setback

Thursday’s spinning top candlestick pattern in the S&P together with short-term overbought conditions suggested that the index is at or very close to a significant near-term top. While seemingly vulnerable to short-term setback, the overall technical backdrop remains positive so it’d be bullish if the S&P can hold above the psychological 3000 level

S&P Broke Downward Trend

Thursday’s rally pushed the S&P above the May’s falling trend, signify a bullish breakout and upside reversal. Nevertheless, given the looming resistance near 2869, there is no reason to turn particular bullish until this zone is eclipsed. It will be important to monitor the breakout and retreat behaviors over the next few days to determine whether breakouts are decisive

S&P in Short-term Oversold Reflexive Bounce

the S&P tested and held support at the bottom of its short-term trading range. Our near-term work on price structure and momentum suggested that the index is in an early stage of a short-term oversold reflexive bounce. Traders will be looking for the index to close above 2820 before getting aggressively long again

Next Page »