Tuesday 31 May 2022

Momentum remains negative




The SPX saw a net May gain of +0.2pts (0.01%) to 4132. This was a second consecutive bearish monthly settlement under the 10MA (4445). Momentum is increasingly negative, and should continue to weaken into the summer. 

Primary target is the lower monthly bollinger, currently at 3427, but that will adjust/jump to around 3500 as of June 1st.

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