DAY HAGAN TECH TALK NOVEMBER 14, 2017
Near-term technical divergences suggest that the Large Cap universe may be heading toward a short-term period of consolidation and/or a pullback. Many areas, including Small Caps, have been doing so for the past few weeks/month. However, the divergences are not yet enough to change our supportive, non-trading domestic equity market outlook. Consistent with this, minor tactical support for the S&P 500 (2584.84) exists at 2566, with a more substantial tactical support range between 2544 and 2540. A one-year uptrend line comes into play at approximately 2525.
In order to “add some color” to the comments above, as well as to my observations from last week’s “Global Macro Economic and Technical” webinar, please review the charts of a few internal equity market measuring tools:
Have a wonderful week, and please know that Day Hagan Asset Management appreciates your support!
Art Huprich, CMT
Chief Market Technician
Day Hagan Asset Management
—Written 11.13.2017. Chart sources: Stockcharts.com.
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