Tag: XLP

S&P’s 3100 Too Big And Too Important To Fall Quickly

near-term technical bias shifted to bearish following Monday selloff, signify a downward trend reversal. Nevertheless, it will be important to monitor the retreat and rebound behaviors near the important sentiment 3100 zone to determine whether breakouts are decisive. That level is too big and too important to fall quickly. It could help minimize downside follow-through and widespread breakdowns

S&P Shifted to Consolidation Mode

S&P shifted to consolidation mode after the September rally ran out of steam near the important sentiment 3000 mark. While momentum remains favorable over the short to intermediate term, the bulls need to hurdle and sustain above 3000. The longer the index stays below that level, the more vulnerable it is to lower prices. This is the real danger in the current market

S&P Constrained by Short-term Sideways Trend

trading behavior in the S&P remains constrained by a short-term sideways pattern and shown little evidence of a sustainable change in trend. 2980 is the line in the sand. A failure to hold above that level would trigger a new sell signal and an unwelcome pickup in downside volatility

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