Technical Analysis for .SPX
$S&P 500(.SPX)$ thoughts: Three criteria set the stage in my analysis for determining the market environment as risk-on or risk-off.
1. Price relative to the short term trend (20-day exp)
2. Breath, represented by Net New Highs across NYSE & Nasdaq markets
3. Momentum using the Percentage Price Oscillator
When price falls below the short term trend, breadth turns negative, and momentum slows the market conditions quickly shift to risk-ff, making a decline the next most probable market move. The most recent event was on April 10, a quick and moderate 4% decline followed.
At the end of last week, one of three risk off criteria was active. Ending Thursday this was 2/3, however Friday's rally prevented a full set of risk-off signals to trigger. As such, it remains premature to take a bearish stance.
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- KSR·06-04👍LikeReport