The XJO is expected to open lower this morning. The U.S was closed overnight.
Yesterday we had basically the same session as Friday. We retook intraday losses to finish mildly in the red as we continued the sidewards march of consolidation.
This morning we are expected to retest support around 7,480. With U.S futures remaining fairly flat and giving no indication as to their expected move when they reopen tonight, we should expect another lackluster day.
With uncertainty and timidness underpinning our market, don’t be surprised if we actually hold our lows through the session, unless we see some positive gains in U.S futures.
US markets were closed on overnight for the Martin Luther King Jr public holiday. US futures were largely unchanged.
Technically, the SP500 has stalled out around the all-time high resistance at 4,800 index points. That 4,800 level would be the mark to beat before further gains look likely. Should that level (or a slightly lower level) continue to hold, we could see a double-top pattern form, which would be a bearish sign for the index.
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