After trying to get through the 1454 area for several sessions, Mar S&P encountered more aggressive selling on Friday. The dip was fairly harsh, given the tight range seen over the preceding few sessions but current price action remains above important support references. Two of those supports include the 50-day moving average and an ascending trendline, both at 1430. It would take a close below that level before any significant warning bells went off.
Friday's sharp turn in some of the daily momentum studies will likely be enough to see the contract remain under pressure for the near term. Also there is a slight bearish seasonal period heading into President's week vacation so the recent highs will be a hurdle until the seasonals start to favor the bullishcamp again closer to the end of the month.
No comments:
Post a Comment