The S&P 500 continues to inch and crawl closer to my 1,776 target, a level that will likely be hit in today's trading, considering the positively trading futures. My guess is that we will begin to see more information released once we reach this level, be it in drips and drabs or all at once. In my opinion, the 1,776 level on the S&P 500 represents a completion of a trend structure that began in our around Aug. 28.
Despite the 60 basis point gain in the S&P 500, total demand remains neutral overall, albeit better than what we have seen in prior trading days. Although demand dynamics remain more or less neutral, there has been little selling pressure, and if there is no propensity to sell'em then traders will continue to push them up. That all said, I find interesting that volume levels are tailing off and price spread on the S&P 500 and related investment vehicles has narrowed with the latest advance. This may be a sign of weakening market internals. We shall soon see.
Despite the 60 basis point gain in the S&P 500, total demand remains neutral overall, albeit better than what we have seen in prior trading days. Although demand dynamics remain more or less neutral, there has been little selling pressure, and if there is no propensity to sell'em then traders will continue to push them up. That all said, I find interesting that volume levels are tailing off and price spread on the S&P 500 and related investment vehicles has narrowed with the latest advance. This may be a sign of weakening market internals. We shall soon see.
No comments:
Post a Comment