US equities SPX remain balanced beneath Fibonacci projections
There has been little change in the US S&P500 Index, with prices consolidating beneath the 2300 level and 2302 projection.
A break above the 2305 projection cannot be ruled out, as short-term studies tick higher, and sentiment remains positive.
However, overstretched weekly readings and negative divergence suggest further gains could prove increasingly difficult to maintain.
In the coming weeks, risk remains for profit-taking to push prices lower, as bullish background studies also become overstretched.
A break below congestion around 2250 will open up the 2233.62 low of 30 December.
A further close beneath here will target 2200, as sentiment deteriorates, with the 2186~ November break level to then attract as profit-taking pressure increases.
A break above the 2305 projection cannot be ruled out, as short-term studies tick higher, and sentiment remains positive.
However, overstretched weekly readings and negative divergence suggest further gains could prove increasingly difficult to maintain.
In the coming weeks, risk remains for profit-taking to push prices lower, as bullish background studies also become overstretched.
A break below congestion around 2250 will open up the 2233.62 low of 30 December.
A further close beneath here will target 2200, as sentiment deteriorates, with the 2186~ November break level to then attract as profit-taking pressure increases.
