Market Commentary – Overall Outlook Positive in Equities / SPX Short Term Readings Overbought
The following commentary discusses the state of the minor and intermediate trends in the major US indices. It highlights immediate support in the 2800 area that was tested twice last week, and held. A short term overbought reading is depicted, which may result in a minor consolidation or pull back. A lower level of interest is highlighted. The report depicts an overall bullish composure in equities, as a result of a positive signal that occurred in SPX in May, which signaled significantly higher levels.
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