S&P 500 Upside Targets
The next three upside targets in the S&P 500 are 2416, 2434, and 2463 while a relatively critical support zone lies below between 2250 and 2275.
Author Archive for: Tyler Richey
Entries by Tyler Richey
S&P Fails at Key Resistance
The S&P 500 tested but failed at an important downtrend resistance line on the daily chart yesterday, and that leaves the current path of least resistance lower until that technical level (2360) is violated on a closing basis.
Oil Plunge
WTI crude oil futures plunged well over 3% yesterday as the steady trend of climbing US oil production continues to weigh on the fundamental backdrop of the market.
Gold Futures Pull Back
Gold futures rallied into resistance/our initial upside target just shy of $1300 yesterday before risk-on money flows spurred a reversal as fear bids unwound.
Dr. Copper Flashes a Warning Sign
Copper futures, which are often looked at as a gauge of economic growth expectations or a leading indicator for a growth-speculation rallies in stocks, broke down to fresh three month lows yesterday. The technical violation is a clear warning sign for risk assets in the near term.
Dr. Copper Remains Resilient
Copper futures maintained gains in resilient trade yesterday despite the sharp reversal in stocks and general risk-off money flows. Continued strength in “Dr. Copper” could be signaling a retest of all-time-highs in stocks.
S&P 500 Technical Update
The S&P 500 is currently in a consolidation pattern with key support lying at 2328 while downtrend resistance has moved down to 2367 today. The S&P 500 has been consolidating the late February/early March sprint to new highs for 5 weeks now. And while the long term trend remains higher, there are a few […]
10 Year Note Yield Approaches 2.30%
The 10-Yr. Note Yield has given back all of the post-Fed-hike gains from early March and is again threatening to break back down below the 2.30% level as “soft data” remains strong but “hard data” continues to disappoint.
Near Term Trend in the Dollar Favors the Bears
While the post-election breakout in the dollar was a long term bullish development, a lot of that move is being retraced and the current trend favors the bears for the medium term.
Key Support in the S&P Remains Intact
The S&P 500 has held our key support level at 2328 so far this week, but that has made that zone all the more important as a violation would be interpreted by many Technical Quant-Funds and CTA Shops as bearish.