Technical Analysis: The S&P 500 (SPX) opened strong yesterday in the wake of the Italian referendum, but as has been customary in the previous five trading sessions, the price action faded the early morning gains. On the flip side, SPX did manage to regain its 5 and 10-day moving averages. It [...]
Technical Analysis: Yesterday was peculiar in the price action that unfolded on the S&P 500 (SPX) where price greatly retracted at the close of the day and gave up most of the day’s gains. This is indicating to me that market strength is being used to book recent profits. Should this [...]
Technical Analysis: Price action yesterday on S&P 500 (SPX) broke below the previous day’s trading action for the first time since 11/4 when the market capped off a 9-day losing streak. Also of note, for the first time since the Monday before the election, SPX dropped below, and closed below its 5-day [...]
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