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.
trading behavior in the S&P constrained by a short-term sideways pattern and shown little evidence of a sustainable change in trend. 2900 is the line in the sand. There is a no reason to turn particularly bearish until this area is taking out
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
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