S&P 500 Index #SPX testing the 100 Day Moving Average at 2710. If it breaks, next stop would be the strong support level of 2705-2700.
Our medium term models indicate that the current weakness in the index is a consolidation rather than a sign of outright bearisness. If short selling the market, be cautious of potential rebounds off of the 2705-2700 support band or off of the 2690 support level. 2680 has to be broken for the models to turn bearish.
For the indicated trading strategies for medium-term investors or aggressive/professional/intraday traders, please see the detailed trading plans in the nightly outlook published last night.
Do we have a crystal ball to predict the markets accurately, day after day?
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