Market Commentary –Equities: Short Term Overbought, Higher Levels Expected
The following commentary discusses the state of the minor and intermediate trends in the major US indices. It highlights a close above minor resistance in the S&P 500 Index (SPX) that led to upward momentum. The resistance level is now immediate support. 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. In addition, the recent new closing highs in both the NASDAQ 100 (NDX) and NASDAQ Composite (COMPQ) indexes reinforced the intact uptrends and added confidence to the overall bullish composure in equities.
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