Michael_Macdonald-XATSUK

US equities SPX losing background bullish momentum

SP:SPX   S&P 500 Index
US Equities remain at elevated levels, with focus on the 2300 psychological barrier and (150%) projection of the 2015-2016 fall.

Extension towards the 2332, (161.8%) retracement cannot be ruled out as the Tension Indicator, not shown, continues to strengthen, but overbought stochastics and weakening background readings are expected to make gains progressively difficult to sustain and promote profit-taking pressure into the coming months.

A close below 2200 would turn investors cautious once again, and open up further losses to congestion around 2100. A close below the 2083.79 low of November, however, would add weight to price action, and signal a deeper reaction towards congestion around 2000.
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