Tag: XLU

S&P Vulnerable To Some Downside Retracement

S&P is at key technical juncture. It is testing formidable resistance from below. A failure to climb above key price level means that long-term buying pressure has finally been exhausted. On balance, we remain near term negative for S&P as we believe market vulnerable to some downside retracement over the short-to-intermediate term

S&P in Bullish Consolidation Prior to New Upswing

recent trading actions leaving the S&P in what looks to us like an orderly high level consolidation of the February rally. The index is holding firmly above 2750, a level it has not breached since market broke down in late 2018. This is a positive development, increased the probability that the S&P will break out to new highs as soon as the market shakes off excessive bullishness

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