Perhaps we'll have a clearer picture of direction on the S&P 500 Index (SPX) on a break one way or the other after President Trump decides by May 12 whether or not to recertify the JCPOA.
At the moment, it's trading within a tight range between 2620 and 2680, as shown on the daily chart below.
The momentum (MOM) indicator is in downtrend and trading below the zero level. The relative vigor index indicator (RVGI) is also in downtrend and is below zero, but has just formed a bullish crossover to the upside.
Any sustained breakout of the SPX to the upside will need to be confirmed by both indicators breaking and holding above their zero levels. Otherwise, it may be short-lived and followed by a sharp, swift drop.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 24, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. May 31 @ 2:00 pm ET - Beige Book Report
* Fri. June 2 @ 8:30 am ET - Employment Data
* Wed. June 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. July 26 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.