The S&P 500 fell lower last week amid geopolitical concerns. However, it started this week on a stronger note by rebounding on Monday.
Since mid-July 2017, US equities represented by the S&P 500 (SPX) have been essentially flat. However, last week selling pressure re-entered the market. In the process traders sold prices down to the lower boundary line in an ascending wedge pattern as well as pushed SPX to close below its 50-day Simple Moving Average (50SMA). Looking … Continue reading Will the Selling Persist in the S&P 500?
S&P 500 The S&P 500 rallied during the day on Wednesday, reaching towards the 2475 handle. That’s an area where we have seen resistance, and it makes sense that we pull back from there. The 2460 level underneath should offer support, and I think that the market is getting ready to make a move one … Continue reading Major US Indices Forecast, August 17, 2017, Technical Analysis