Technical Analysis: Another “sell-off” that was hardly a sell-off on Friday, where price basically stood still. Right now, it is more likely that the bulls are alleviating overbought conditions through “time” rather than “price”. The steep rising uptrend on S&P 500 (SPX) could possibly be tested today at 2252. The only rising [...]
Technical Analysis: Big day for S&P 500 (SPX) as price broke out of its 3-day doji-range and pushed to the upside. SPDRs S&P 500 (SPY) saw its volume drop for a fourth consecutive day and fall below recent averages. The 5-day moving average continues to hold strong for SPY as it has [...]
Technical Analysis: On the only attempt at a move lower last week by the S&P 500 (SPX), the dip buyers re-emerged and bounced the market off of its 5-day moving average. Friday’s slight sell-off ended SPX’s 4-day winning streak. Short term, the market is undoubtedly overbought. Volume on SPDRs S&P 500 (SPY) saw [...]
Technical Outlook: Yes, for an 8th straight day, the S&P 500 (SPX) sold off. The expectation of a bounce is strong here, and quite surprising we haven’t even seen any significant attempts at it yet. Last time SPX was down 8 straight days was in 2008. The most troubling aspect of this [...]
Technical Outlook: A significant technical breakdown played out yesterday on the S&P 500 (SPX) with price breaking down and below major long-term support at 2120. Bear flag was also confirmed by yesterday’s price move. Volume saw a notable uptick yesterday as well on SPDRs S&P 500 Trust (SPY) with volume well above recent averages. [...]
