AFMC - S&P 500: A Warning From The July Top Week Starting 27th May (Technical Analysis)
2024-05-26 16:00:00 ET
Summary
- The S&P 500 held the 5264 re-test of the March high.
- However, the "engulfing" bar from Thursday is a danger sign, last seen at a 52-week high in July 2023.
- 5257 needs to hold for bulls to stay in control.
Last weekend's article warned of complacency, and it sure looked like some complacent bulls had the rug pulled from beneath their feet on Thursday. The S&P 500 ( SPY ) opened at new all-time highs after impressive Nvidia ( NVDA ) earnings, but then dropped -1.6%. It was a surprising move, but it eventually reversed from an obvious place. As I concluded last week, "any dip early in the week due to the exhaustion signal should hold the 5264 re-test." Thursday's low was 5257....
S&P 500: A Warning From The July Top, Week Starting 27th May (Technical Analysis)