Trade Global Indices with Unum Capital.
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Snapshot as of 20h47 (Monday 10 March)
An 8% pullback off the price action model reading in 05 December.
As per the model reading at the time: (1) "Possible bearish reversal, following a very bullish move" and (2) "Aggressive Buying But Overbought On The Lower Time Frame - Expect a consolidation or Minor Retracement".
Previous Post
On 05 December we discussed the index, highlighting the risk of a medium term retracement as well as the live reading from the Tactical Trading Guide (Price Action Model) which was as follows: (2 to 4 week time frame): "a possible bearish reversal following a very bullish move" and (5 to 8 week time frame): Aggressive buying underway, but overbought on the lower time frame. Expect a consolidation or a minor retracement". Our analysis coincided with the medium term top as the index retreated from 6098 to 5768 (-330 points or -5%). This was followed by a rebound however, the index has struggled to clear over the overhead resistance range and maintain it's position above 6098 for a sustained period. Over the course of this week, we saw broad-based selling pressure, with the index at multi-week lows. The only two sectors which saw safe-haven buying were Consumer Staples and Utilities, both of which have featured strongly on our screens prior to the note and which we published as buy candidates. Links as follows: https://www.unum.capital/post/iyk-etf + https://www.unum.capital/post/jxi-etf
S&P 500 Index Chart (Current)
Previous Post: S&P 500 Index: Risk of a Medium Term Retracement
Thursday 05 December 2024 (Time: 21h49)
Lester Davids
Analyst: Unum Capital
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