S&P 500 Still in limbo
Updated
The main US Equities index is still awaiting its next catalyst.
Consolidating in a wedge just below its recent historical high.
Tight current trading range between MA100/50: 2136 - 2167.
NASDAQ picture more positive, sitting >MA50 but in "waiting mode" as well.
Market breadth trend negative --> Pls see Russell 2000 descending channel.
Next catalyst for equities = Earnings season?
Current bias: Bearish.
Consolidating in a wedge just below its recent historical high.
Tight current trading range between MA100/50: 2136 - 2167.
NASDAQ picture more positive, sitting >MA50 but in "waiting mode" as well.
Market breadth trend negative --> Pls see Russell 2000 descending channel.
Next catalyst for equities = Earnings season?
Current bias: Bearish.
Note
Last night's close below the previous historical high of 2134.71 confirms the bearish outlook. RSI trend and MACD also pointing in the same bearish direction. A close below 2134.71 today would suggest a possible continuation of the down trend. Otherwise, look for a rebound towards 2160.Note
Weekly close below previous historical high at 2,134.71 suggests a confirmation of the current weakness in the trend.Note
Third close yesterday below 2134.71. There seems to be significantly more downside than upside, from here.Note
Index still range-boundEarnings have been supportive
Bearish bias has turned short-term neutral/bullish
Updated, tighter trading-range boundaries: 2144-2160
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