S&P 500 Still in limbo

١٠ أكتوبر ٢٠١٦

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.

١٤ أكتوبر ٢٠١٦

ملاحظة

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.

١٧ أكتوبر ٢٠١٦

ملاحظة

Weekly close below previous historical high at 2,134.71 suggests a confirmation of the current weakness in the trend.

١٨ أكتوبر ٢٠١٦

ملاحظة

Third close yesterday below 2134.71. There seems to be significantly more downside than upside, from here.

٢٥ أكتوبر ٢٠١٦

ملاحظة

Index still range-bound
Earnings have been supportive
Bearish bias has turned short-term neutral/bullish
Updated, tighter trading-range boundaries: 2144-2160