2/27/19
Domestic politics, geopolitics and the Fed are
providing some push/pull for the market this week; while the S&P bumps up
against what has been very strong technical resistance during the current
correction:
Domestic politics, geopolitics and the Fed are
providing some push/pull for the market this week; while the S&P bumps up
against what has been very strong technical resistance during the current
correction:
Any profit taking reversal of the recent surge
should find support at the 200-day moving average, then at 2700 if breached.
should find support at the 200-day moving average, then at 2700 if breached.
Despite the stiff resistance, as well as the
potentially negative headline influence, the pause this week so far feels like your garden variety consolidation
of recent gains; the volume character suggests the same (remaining more
constructive vs previous attempts at this level):
potentially negative headline influence, the pause this week so far feels like your garden variety consolidation
of recent gains; the volume character suggests the same (remaining more
constructive vs previous attempts at this level):
The latest economic
sentiment data (globally) — while certainly not stellar — hint that the latest batch of concerning hard data
may begin to improve over the coming months. That, along with optimism over a
U.S./China trade deal, clearly – at this
juncture – has traders nibbling at the dips. That said, the current level
is the most precarious between here and the September ‘18 high. We could easily
see volatility pick up markedly over the next few days/weeks…
sentiment data (globally) — while certainly not stellar — hint that the latest batch of concerning hard data
may begin to improve over the coming months. That, along with optimism over a
U.S./China trade deal, clearly – at this
juncture – has traders nibbling at the dips. That said, the current level
is the most precarious between here and the September ‘18 high. We could easily
see volatility pick up markedly over the next few days/weeks…