The S&P 500 and US Dollar are flirting trend-defining technical levels, with the path of least resistance favoring losses for shares and gains for the greenback.
S&P 500 – Unchanged from yesterday: “Positioning remains indecisive as prices test the 1358.60-1376.10 area, with a narrow bullish breakout late last week again falling short on follow-through. Negative RSI divergence still points to fading upward momentum, warning of a reversal lower. A break below 1358.60 initially exposes 1337.30, the 23.6% Fibonacci retracement. Alternatively, a sustained push higher targets the 1400 figure.”
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