Both bulls and bears are frustrated by recent action. Most recently, $SPX has made repeated attempts to challenge the all-time highs, but it has not yet been able to break out. There is resistance in the 2110- 2120 area that has contained all advances. In any case, the $SPX chart is still neutral until it […]
Market breadth is simply how many stocks are being bought vs being sold and how much volume is behind it. Breadth is an ideal temperature gauge of the market’s health at any point in time, and like most indicators is a current read of where price action is likely headed. Basically, this is not where […]
$SPX remains in a strong uptrend. However, it has reached overbought levels, in that it is “too far” above its 200-day moving average. The first support level is 1670, and if that is violated, traders should turn cautious. The equity-only put-call ratios remain on buy signals, despite “wiggles” at the end of some charts.