Equity markets begin the week pressing upon upper level resistance. Our internal quantitative analysis indicates that the broad market (SPX complex) is entering overbought price zones as well. A pause to digest gains and test lower support would provide the best opportunity to capture the upper boundary of a defined “Raising Wedge” technical pattern on […]
Volatile start to 2015 portends stormy days ahead in financial markets. Violation of January’s lows will pressure the prevailing ascending trend.
SPX breakout attempt from a 3 week consolidation pattern is underway. Onus on Buyers to follow thru higher and survive a likely test following Friday’s upcoming Non-Farm Payroll report (know) volatility event. As “Triple Top” patterns are highly infrequent, advantage Buyers until proven otherwise. That said, buying retraces when testing support is always preferable to […]
End of Month Buyers step up to rescue prices. However, very light volume for the last day of the month and quarter suggest market participants remain cautious. Prudent investors/traders should wait for the resolution of a maturing consolidation range before committing new capital.
Sellers remain in control as SPX descends to another “lower low” following the defined March 21 Double Top pattern. Unless Buyers quickly defend prices at current levels, the maturing SPX consolidation range will resolve lower with the first target destination of ~1800.