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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.
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* 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 $$$...





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Friday, May 04, 2018

Will the SPX Break Out Ahead of the JCPOA Recertification Deadline?

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.