The US Equity market has been visibly gearing for a correction since mid Jan this year (please see related comments below).
A 10% fall in one week is a good start; We are now half way to a new, bear paradigm.
Yesterday was technically as bad, if not worse, than Monday:
- The S&P 500 was in a downtrend all day;
- It fell on greater volume than average (2x);
- The downtrend accelerated in the last hour, on increasing volume;
- The index closed at the day low and LOWER than the Monday close;
- Most technical indicators have now turned negative on most time frames;
- Next support levels I am watching --> 2,560 / 2,550 / 2,511 / 2,400 / 2,336 / 2,225 / 2,175
What would it take to claim back the up-trend?
- A turn in technical indicators;
- A rebound in significant volume;
- A sustainability in the rebound and in the volume;
- A progressive close above any of the previous opens;
- An upward catalyst (earnings, interest rates, policy, etc.)
- Most of the above would take time to work themselves out.
Please see previous post "SPX: Flashing cautionary signals (again)." [/I] for suggested action in the current downtrend.
Please be on the lookout for new tactical ideas in a market which promises to be technical, exciting and fun!
Motto until further notice: Patience, prudence, do not fight the trend.
A 10% fall in one week is a good start; We are now half way to a new, bear paradigm.
Yesterday was technically as bad, if not worse, than Monday:
- The S&P 500 was in a downtrend all day;
- It fell on greater volume than average (2x);
- The downtrend accelerated in the last hour, on increasing volume;
- The index closed at the day low and LOWER than the Monday close;
- Most technical indicators have now turned negative on most time frames;
- Next support levels I am watching --> 2,560 / 2,550 / 2,511 / 2,400 / 2,336 / 2,225 / 2,175
What would it take to claim back the up-trend?
- A turn in technical indicators;
- A rebound in significant volume;
- A sustainability in the rebound and in the volume;
- A progressive close above any of the previous opens;
- An upward catalyst (earnings, interest rates, policy, etc.)
- Most of the above would take time to work themselves out.
Please see previous post "SPX: Flashing cautionary signals (again)." [/I] for suggested action in the current downtrend.
Please be on the lookout for new tactical ideas in a market which promises to be technical, exciting and fun!
Motto until further notice: Patience, prudence, do not fight the trend.
Ghi chú
Great rebound yesterday, as a follow-through from the day before. We are yet to see volumes pickup on the upside, however. I would also like to see a close above 2,685 and then 2,727 for confirmation. Meanwhile, we will have to face the wall of inflation worry scheduled WED/THU. The market seems to be already pulling back a little.
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Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.