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On 05 December, an check-in/analysis of the Tactical trading Guide for the S&P 500 index showed that the index was trading in a high bullish momentum regime while also approaching overbought levels. Specifically, the long term (5 to 8 week reading) stated the following: "There is aggressive, but the index is overbought on the lower time frame. Expect a consolidation or minor retracement/pullback".
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The current pullback of around 280 points is in line with the model reading, with the S&P 500 trading at it's lowest level since 06 November.
What's important to note here?
5860 has been breached.
This has been where buyers have been most confident for close to 2 months. This no longer seems to be the case.
Trading below declining 8, 21-EMA's.
Has breached the 75-day EMA. Is at risk of breaching the 21-week EMA.
Deteriorating candle structure.
Previous Post: S&P 500 INDEX Risk of Medium Term Retracement
Thursday 05 December 2024 (Time: 21h49)
Lester Davids
Analyst: Unum Capital
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