Michael_Macdonald-XATSUK

US S&P500 SPX finding difficulty maintaining gains

TVC:SPX   S&P 500 Index
Bullish sentiment in the US S&P500 Index remains intact, but prices are finding difficulty sustaining the test of 2400. Risk/reward is turning lower, as overbought momentum studies unwind and the bullish Tension Indicator shows signs of fading.

A break below the 2351.31 gap low of 17 February is looked for, with focus then turning to the 2319.23 gap low of 10 February. Deeper reactions would add weight to investor sentiment, but a further close below the 2282.10 break level from January is needed to turn currently bullish investors more cautious.

Critical support is at the 2233~ low of 30 December 2016.

A close above the 2400.98 high of 1 March would delay downside tests, but strong resistance at 2450/67~ barrier is expected to provide a strong barrier and promote fresh selling pressure.
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