recent trading actions leaving the S&P in what looks to us like an orderly high level back-and-forth consolidation of the October rally. Technical pressures are building up as the market dances its way into an increasingly tight trading range. S&P’s 3060 marks the inflection point. A failure to hold above key level indicates a change in sentiment and a much deeper pullback should be expected
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
S&P is at key technical juncture. Current rally is testing formidable resistance near 2945. The longer the index stay below that level, the more vulnerable it is to lower prices
trading behavior in the S&P constrained by a short-term sideways pattern and shown little evidence of a sustainable change in trend. For now, 2933 is the line in the sand. We’d turn particular positive if the index closes twice above that level.