Yet pullbacks should prove temporary, before mounting yet another rally back to new all-time highs which should push to levels near 4600 initially and then technical targets near 4765.” “A temporary stalling out would make perfect sense here technically as hourly momentum has gotten overbought. “Trends are bullish near-term, yet stretched, and this is though to be the first real area of importance to this rally.
The VIX appeared set to close a shade lower than 15.įundstrat Global said S&P 500 investors should not be deflated by the “stalling” in this week’s move higher. Netflix paced the NYSE Fang + Index up 1.1 per cent. The Dow was very modestly lower, the S&P 500 edged up and the Nasdaq was higher. On Wall Street, shares ended mostly higher.