The Nasdaq Composite maintained its posture of outperformance of the other indices yesterday with a 0.6% gain and a close above 2200, which marked the first time this index has closed above this level since June 2. Some possible chart resistance is indicated around 1220, coinciding with this early June period.
The S&P 500 cash index pushed up to an intraday high just above 1305 in Monday's trading, which was the first time it had been at this level since mid-May.
The S&P 500 cash index declined by 0.4% to close at 1293 as weak numbers from the housing sector are playing into concerns that the US economy, and specifically the consumer sector, may be showing more weakness than the soft landing consensus were expecting.
Clive Corcoran's suspicion is that there are a lot of big guns that are sitting on the sidelines waiting to test the conviction behind a move in the S&P.
Copyright 2024 Tiger Shark Publishing LLC . All rights reserved.
It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.
Free Festival of Traders Videos
full story
printer version