S&P in Orderly Low Level Consolidation Phase

recent trading actions leaving the S&P in what looks to us like an orderly low level back-and-forth consolidation of the May downswing. There is a high probability that the upper and lower limit of a short-term trading range has been set between the 2800 and 2900 levels on the S&P

S&P Could Retest the May Lows

S&P broke several key supports as the early May oversold relief bound ran out of steam near the lower boundary of the pink band. Expect increase in near-term volatility as the lows of May is retested

S&P’s Waning Momentum Forewarned Lower Stocks Price

daily chart of the S&P has shown signs that upside momentum is waning as the index tested key price level. While there is a high probability that the late-week selloff will momentum but a close below S&P’s 2800 is needed before there is any real prospect of a change in the short-term upward trend pressure. For now, 2800 is the line in the sand. A close below that level would see a massive pickup in volatility

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