SPX turns red on the week
The S&P has turned negative on the week ahead of the release of US CPI on Wednesday.
While some profit-taking on the longs accumulated over the past few weeks should not come as surprise, there are plenty of macro concerns to encourage short sellers to step in after the recent recovery. Remember that we are no longer in a bull trend.
The failure to hold above last week's high (when it had formed a doji candle) at 4171 was the turning point. It is likely that some trapped traders' stops would be resting below the previous week's low at 4079 and that's where - in search of liquidity - the S&P might be headed next.
The index has also fallen back below the pivotal level of 4150, which has been a pivotal level in the past.
So, a few cracks are starting to appear again in this recovery. Proceed with care.
By Fawad Razaqzada on behalf of FOREX.com
While some profit-taking on the longs accumulated over the past few weeks should not come as surprise, there are plenty of macro concerns to encourage short sellers to step in after the recent recovery. Remember that we are no longer in a bull trend.
The failure to hold above last week's high (when it had formed a doji candle) at 4171 was the turning point. It is likely that some trapped traders' stops would be resting below the previous week's low at 4079 and that's where - in search of liquidity - the S&P might be headed next.
The index has also fallen back below the pivotal level of 4150, which has been a pivotal level in the past.
So, a few cracks are starting to appear again in this recovery. Proceed with care.
By Fawad Razaqzada on behalf of FOREX.com
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