Tag: XLI

S&P Short-term Correction Could Be In The Wings

S&P broke above the lower boundary of the red band Monday, signified extreme overbought conditions. This is a short-term negative development, suggesting that a short-term correction could be in the wings. Nevertheless, with Money Flow measure above the zero line the path with least resistance remains higher. With this in mind, we’d look to increase upside exposure into short-term market dips

S&P Broke Key Support but Follow-through is Key

S&P broke key supports Tuesday, signify resumption of the short-term downward trend that has been in place since mid-September. 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

S&P in Digestion Period Prior To New Upswing

the big picture remains the same. There is an orderly pullback consolidation, which represents digestion period. The fact that the S&P managed to hold on to most of recent gain in the face of overbought conditions, indicating an internal strength. This increases the probability that the index will break out from current trading range as soon as the market shakes off the excessive bullishness

Traders Should Consider Selling Into Intraday Bounces

market internal deteriorated as S&P moved down to test support at the trend channel moving average but downside momentum does not appeared strong enough to generate widespread breakouts. While there is a high probability that the late-day rally will momentum, a sustain advance above the late July high is needed before there is any real prospect of a change in the short-term downward trend pressure. With this in mind, we’d look to reduce exposure into intraday bounces

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