The week started with a continuation of the recovery bounce that we saw at the end of last week – but this was to be negated on Thursday and Friday with the earlier gains being given back and US equities closing the week only ~0.25% higher than last week’s close and moving lower: The upper […]

We started the week with a continuation of the recent bearish trend and a test of the 4200 support level in the SPX, but Friday’s strong bounce led to a ~0.25% higher close from last week’s close.: However we are now re-testing the 4300 level – at the top of the support/resistance zone (shaded area) […]

Last week US equities closed at ~4320 and sitting at the top of a potential support zone (4150-4300). The question was whether we would see support at this level (and a bounce) or whether we would see a continuation of the short-term downtrend that we have been in for the past couple of months. The […]

We finally got that inevitable breakout from the pendant pattern that has been setting up for a month or so – resulting in a 3% downside move in US equities over the past week and leaving us sitting at ~4300 in the SPX (S&P 500 Index) and at the top of a potential support zone: […]

It was a relatively quiet week in US equity markets with the SPX (S&P 500 Index) closing down slightly on the week after an end of week selloff on Friday: This still leaves us within the boundaries of the pendant pattern defined by uptrend and downtrend channels with no clear indication of future market direction. […]

It was a weak performance in the US equity markets after the Labor Day week-end with the SPX (S&P 500 Index) down ~1.5% from last week’s close: This leaves prices in a pendant pattern bounded by the upper 2 SD boundary of the short-term bearish channel (blue line) and the lower 1 SD boundary of […]