Bearish reversal detected below 5,930 key medium-term resistance of the SPX 500. Market breadth indicator (% of component stocks above 20-day and 50-day moving averages) has deteriorated. The odds have increased for a medium-term corrective decline on the SPX 500 as the key US presidential election risk event looms on 5 November. Since our last […]
Markets Yesterday’s risk correction on Wall Street didn’t spill to European dealings with key indices adding up to 0.5%. January EMU retail sales barely grew (0.1% M/M vs 0.2% consensus), but obviously didn’t impact trading ahead of tomorrow’s ECB gathering. Employment indices in US manufacturing ISM last Friday (45.9 from 47.1) and non-manufacturing ISM yesterday […]
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