The main US Equities index is still awaiting its next catalyst. Consolidating in a wedge just below its recent historical high. Tight current trading range between MA100/50: 2136 - 2167. NASDAQ picture more positive, sitting >MA50 but in "waiting mode" as well. Market breadth trend negative --> Pls see Russell 2000 descending channel. Next catalyst for equities = Earnings season? Current bias: Bearish.
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Last night's close below the previous historical high of 2134.71 confirms the bearish outlook. RSI trend and MACD also pointing in the same bearish direction. A close below 2134.71 today would suggest a possible continuation of the down trend. Otherwise, look for a rebound towards 2160.
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Weekly close below previous historical high at 2,134.71 suggests a confirmation of the current weakness in the trend.
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Third close yesterday below 2134.71. There seems to be significantly more downside than upside, from here.
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Index still range-bound Earnings have been supportive Bearish bias has turned short-term neutral/bullish Updated, tighter trading-range boundaries: 2144-2160
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