Financial News
Overhead resistance test = Possible weakness ahead
August 17, 2022 at 16:08 PM EDT
Mid-week market update; The S&P 500 has undergone a powerful rally off June's bottom, but it's now approaching technical resistance in the form of a 200 dma and a falling trend line. In addition, the market is overbought as measured by the 5 and 14-day RSIs, much in the manner of early November 2021.
Even if you are intermediate-term bullish, the convergence of these factors argues that it's time for a tactical pause and possible pullback.
The full post can be found here.
Even if you are intermediate-term bullish, the convergence of these factors argues that it's time for a tactical pause and possible pullback.
The full post can be found here.
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