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Market Summary: There is no question, over the past two weeks I have been cautious and have stated quite often that I see risk increasingly skewed to the downside. My momentum/trend model (MOTR) overall has shown significant negative divergence. What’s also concerning is that the SPX continues to
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Market Summary: The SPX index hit another all-time high at 5590.75 midway through yesterday’s session. For the balance of the day sellers were pressing gently, closing the index near the session low at 5576.90. A few items to note. First, the Evening Doji Star which I pointed
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Market Summary: The SPX index has now achieved a trough-to-peak move of over 7.50% since testing the 50dma (ref 5181) on May 31 with a 5191 low. In just over a month, with limited breadth and almost no retracement, the index has put in an average full year’s
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Market Summary: The June 28 report highlighted my expectation that the SPX index would “test support at 5400 in the near term with the additional downside risk of filling the 5375-5400 gap and potentially testing 5300”. The bullish gap up on June 12 had seemed to run its course and
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Market Summary: The SPX index continues to hold the 10dma (ref 5464) as the trading range has tightened from 5400/5500 to 5450/5500. Although intraday price action is indecisive, the index has achieved higher highs and higher lows over the past three sessions as it grinds back towards the
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[caption id="attachment_998" align="aligncenter" width="537"] Screenshot[/caption] Market Summary: Away from looking at the SPX for a moment, there was some very interesting action in the E-mini S&P 500 front month futures (ES1 Index) heading into the close of
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Market Summary: The SPX index continues to work within the current “island” with a support/resistance range of 5400/5500. A mid-session dip tested my previously identified support level at the 10dma (ref 5447) and the previous session’s low (ref 5447) as the index hit and held a low
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Market Summary: In yesterday’s report I noted the gap up in the SPX on June 12th from 5375 to 5400 (see chart). The 5400 level continues to act as crucial support. Consolidation and a hold above this level with confirming internals would suggest the index is setting up to
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Market Summary: Over the past 7 sessions, the S&P 500 Index has continued to build upon and hold support at the 5400 level. This level is key as it represents the lows/base of the “island” which has developed coming off the June 12 gap up (thank you
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ES1 (SP500 Generic Front Month) - 4.8.24 *The index remains below resistance as momentum (M1, M2) remain negative and degrading. My initial downside target of 5200 was achieved (and held) on both Apr 4 and 5. The index continues to seem poised to head lower in the near
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ES1 (SP500 Generic Front Month) - 4.1.24 *The index continues to grind higher within a very clean, orderly and somewhat vertical uptrend channel (C1). Additionally, the 10dma (ref 5282) remains reliable as trade support. To note, the index has now rallied ~27% off the Oct 2023 low (ref
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ES1 (SP500 Generic Front Month) - 2.6.24 *Momentum on the Daily chart remains positive but is narrow and compressing. Although this could be a leading indicator that price will not break out above 5000 and may be beginning to retrace, I am sticking to the Weekly chart for