FX:SPX500   S&P 500 index of US listed shares
94 1 3
The market today pounded on 2010 five times (tick bar) before making it to 2011 where it retreated close to ten points on thin volume at the close.

A number of technical indicators suggest the market is due for a rest but the oscillators based on advancing and declining issues (McClellan) suggest further upside. Given this backdrop the advantage must be given to the bulls as they made a new ATH             in SPY             and am sure would like to do the same with $SPX             .

But whether they can do this moving up day after day is a serious question and one open to debate. While I do not fully understand what is behind the buying other than money and lack of alternatives, oil             has being playing an important role.
Recently, $SPX             correlation with oil             has been something around 70% and in shorter time frames approaches 100%. Higher oil             prices are good for energy companies, reduce default risk and compress spreads in CDS’s.

With all of that said, I believe a decent pullback is looming either from exhaustion and/or a catalyst. After looking at the charts and using the three point Fib extension tool, the level of 2018 may be an interesting level owing to its calculation, know resistance and the LAST line of descending resistance drawn from the highs of last summer.

Thanks.
very agree with u.
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out