This morning there was a 2.3% drawdown on the S&P 500. For the past month, prices have been drifting lower in a consolidation pattern. The breakout last few days looks bullish. But this was followed by today’s drawdown.
It seems the price action is telling us that perhaps the crowd is not feeling the bullish vibe. I do see that if a breakout fails with such a strong signal, it may likely go strong in the opposite direction. Volume though low was still higher than last few trading days.
Further price action down will see the 20 day EMA cutting the 50 day EMA. Lets see if we will move below 1300.
Latest posts by Kyith (see all)
- New 6-Month Singapore T-Bill Yield in Late-September 2023 Should Stick to 3.75% (for the Singaporean Savers) - September 21, 2023
- A Concentrated, High-Quality Fixed Income Financial Independence Income Strategy Has Enough Uncertainty - September 20, 2023
- Why Do We Save Money After We Reached Financial Independent Status? - September 18, 2023