Portfolio has gone sideways to up as S&P 500 fallen for last 3 months.
S&P 500: Sold off into the close to end the week. Remains range bound. Lets take a closer look.
Left: S&P 500 is holding support on 50% retracement line-bullish; Right: The U.S. Dollar- usually moves inverse to the S&P 500 and has found support on the 50 day moving average. Just keep an eye out for this relationship.
The S&P 500 is still a good distance from the upper bollinger band. This means that the S&P has room to run higher.
The S&P 500 is indicative of how most stocks will perform in a given day. We basically got the same thing from yesterday – consolidation above the 100 in a narrow range. The 50 is still acting as resistance. If we break the 50 to the upside this will have major bullish implications as there will be no more resistance above…clear skies ahead! Next week, I will wait for this pattern to unfold before I make any further moves. Have a good weekend!
