Tag: XLV

S&P Cleared 3100 but Follow-through is the Key

S&P cleared key technical resistance, breaking out from the one-week congestion trading pattern. The breakout would be confirmed on a consecutive close above 3100, which would support near-term upside follow-through and a test of more important resistance in the 3170 area

S&P Leading Indicator Points Toward Fading Trend

while the market could continue to drift higher as trading sentiment remains strong, several leading indicators are pointing toward a fading trend. As for strategy, traders should consider taking partial profits or at least buying downside protections on winning positions

S&P In Overbought Consolidation

our near-term work on price structure and momentum suggested that the S&P is in a midst of an overbought consolidation, which represents the digestion period in the aftermath of October’s massive rally. Over the next few days, we will look for trading behaviors as the S&P probes key support near 3025. A failure to hold above key support suggested that most of the potential buyers at this level had already placed their bets. The next batch of buyers typically sits at a much lower level

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