S&P 500 2737,7 +12,83.
The S&P 500 challenged the 2740 area, we mentionned recently as a resistance area technicians are looking at, without surpassing it. Internal momentum is still strong: 2552 stocks advanced compared to 1255 that settled down. More impressive, the cumulative advance/decline line reached almost the level of late September before the breakdown. In other words, the market is stronger than what prices are reflecting, interesting! Obviously, the oscillators linked to breadth are overbought and ideally, a kind of correction/consolidation would be healthy to reset the global risk profil to a more attractive level. We observed a slight deterioration of our sentiment indicators and the the ones like to the option market like the SKEW index and the SENI index.
NEXT UPDATE Monday 11th February 2019