Michael_Macdonald-XATSUK

US Equities SPX to find gains progressively difficult to sustain

TVC:SPX   S&P 500 Index
US Equities remain at elevated levels, with prices extending the November 2016 rally to reach 2400.

However, immediate continuation is expected to find difficulty reaching the 2460~, (200%) projection of the 2015-2016 fall, as overbought short-term studies unwind and monthly stochastics continue to unfold in extreme levels.

The progressively steepening trendlines also suggest increased risk of a correction, but the rising Tension Indicator (not shown) and improving longer-term studies should limit downside risks.

Support is down to the 2200 break level, and prices need to stabilise above here to keep bullish sentiment intact.
If broken, investors would turn cautious once again, as deeper reactions then target congestion around 2100.

A close below the 2083.79 low of November, however, would negate higher levels, and confirm a more significant bear trend.

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