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 attempts to extend higher to then stall and end Thursday’s session with marginal losses. This shouldn’t surprise as the outcome to Friday’s Non-Farm Payroll report awaits. The reaction to this report will determine if a potentially negated daily descending trendline is validated or only adjusted. It should go without saying, prudent investors/traders should stand […]
SPX captures a daily descending trendline but the jury is remains out awaiting the outcome of Friday’s Non-Farm Payroll report. Caution is advised or Thursday trading as prices more will be more random (up/down) and swift as participants jungle positions ahead of Friday’s volatility events.
Most market participants remained sidelined awaiting reaction to today’s (Wednesday) FOMC meeting announcement. SPX floated higher but stalled at a defined daily descending trendline. Until this trendline is violated, Sellers remain in control (but tentative control dependent upon reaction to today’s FOMC meeting announcement and Friday’s Non-Farm Payroll report).
Both Buyers and Sellers jockey for position to start the week ahead of multiple critical economic volatility events (e.g. tomorrow’s FED meeting announcement and Friday’s Non-Farm Payroll report). Monday’s performance did not provide and addition clues and yesterday’s commentary remains relevant.