S&P: Bearish signals mount but buyers still have control
Last week began with a display of strong conviction from buyers, propelling price upwards towards the previous high (516.5). They managed to surpass it by a small margin, establishing a new historical high at 517.1. Unfortunately, bulls were unable to sustain momentum and build a new value zone, allowing bears to regain control and push price back towards the previous low.
All these developments signal daily uptrend exhaustion. Trend is close to reversal, but it is not there yet. Sellers must prove their strength by taking down the last week low (506,9). Until then it is still bulls market and buyers have control.
The outlook for the next week is neutral.
Long term Buyers should refrain from increasing position and consider (partial) profit taking. Sellers can try shorting the market but remember that odds are still slightly in favor of the opposite side.
Wednesday (20th) is an important day for the market as FED will announce interest rate decision.
P.S. for some reason weekly high on the daily chart doesn’t match weekly high on the weekly chart. I have reported this issue to TV support
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
All these developments signal daily uptrend exhaustion. Trend is close to reversal, but it is not there yet. Sellers must prove their strength by taking down the last week low (506,9). Until then it is still bulls market and buyers have control.
The outlook for the next week is neutral.
Long term Buyers should refrain from increasing position and consider (partial) profit taking. Sellers can try shorting the market but remember that odds are still slightly in favor of the opposite side.
Wednesday (20th) is an important day for the market as FED will announce interest rate decision.
P.S. for some reason weekly high on the daily chart doesn’t match weekly high on the weekly chart. I have reported this issue to TV support
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
评论:
On Tuesday, the market opened with weakness, which later turned into strength. The day closed strongly, above the previous week's high, indicating bullish momentum. However, it's still premature for optimism. Bulls need to surpass the 516.6 level and establish value above it to sustain the uptrend. If they again fail to do it, trend is likely to reverse
评论:
Bulls got help from FOMC and finally managed to set new high. Market closed very strong.
Daily uptrend is confirmed
Daily uptrend is confirmed
评论:
Yesterday (Thursday) marked a neutral day in the market. It opened with a small price gap and traded within a narrow range throughout the day. Buyers needed some rest after Wednesday's explosive run.
Overall, bulls have successfully achieved their objectives this week, establishing a new high and creating a new value zone
Overall, bulls have successfully achieved their objectives this week, establishing a new high and creating a new value zone
I'd say it's still a tie, with neither side having a clear advantage