Market Review: Where Does the S&P Go From Here

There hasn't been a lot to talk about the last few days in what is making the market move.  Oh that's right it's barely moving which can make trading a bit difficult.  Not to fear I have been saying the last few days we are close to get some pullback.  I know I have said that for two days straight and into a third, but the technical levels are revealing that things in the market should be pulling back soon.  There a couple of good reasons for a pullback right now.

1.  The market has been on a four day extened run with a new high over the last 2 months, when new highs are reached institutions and investors like to take profits.

2. We are at the crossroads of a technical convergence two resistance lines are meeting and that usually has a higher probability of reversal, especially if the one resistance line has been in place since April.

3.  The VIX is at a low of around 16, usually when the VIX hits this low its not to long before we start to see some hiccups and missteps in the market.

So there you have it.  I really do see something occuring that is going to cause this market to pullback soon.



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Disclaimer: This article is intended to be informative and does not constitute a buy, hold, or sell recommendation., and should not be construed as personalized advice as it does not take into account your specific situation or objectives