Tag: XLY

Look to Reduce Exposure into Overbought Strength

our works on price structure and momentum suggested strongly that the S&P is in an early stage of the distribution phase, the period in which smart money sell (distribute) their positions. With this in mind, we’d look to reduce exposure into overbought strength which might take the index closer to 3000 before a significant pullback unfolds

S&P Broke out from Sideways Trend

S&P broke key resistance Wednesday, signify a bullish breakout and upside reversal. Breakout target is around 2700-2740. Nevertheless, it will be important to monitor the retreat and rebound behaviors over the next few days to determine whether breakouts are decisive

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