Vermilion ETF Pathfinder: Actionable ETF research & Ideas
S&P 500 Consolidating, Still In “Wait-And-See†PhaseThe S&P 500 is moving in a sideways range while the market digests the implications of states' re-opening. Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. A break below support would confirm this as a distribution phase, while a break above resistance would confirm this period as being a digestion phase.
· Key Levels. The S&P 500 briefly broke below major support at 2,795 and made a low at 2,766 last week; we continue to believe that a break below the 2,766-2,795 level will mean the sellers are gaining the upper hand, however it will be hard to get too bearish as long as the S&P 500 is above this support level. If 2,766 support breaks, the next big support levels are at 2,730 and 2,650. As for resistance, we are watching 2,865 followed by 2,935-2,955... see chart below
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