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Not Much Hope

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Last week, we were looking for a break higher in 7 day momentum and sentiment to signal a resumption of the rally. We got that break and the S&P 500 Index (SPX) finally made a clear move above 2400. Unfortunately, most of the bullishness was observation of new highs and not excitement for even higher prices.

The move higher stopped right at the 2420 resistance level tweeted by traders. The next resistance area is 2450, but there aren't many tweets calling for higher prices so it may be a slow slog higher.

Another drag on the market is the number of bearish stocks on the Twitter stream is rising. This isn't a good sign when the market is at all time highs because it indicates a thinning market.

Conclusion

The market made new highs, but without much hope. Higher price targets are sparse, the count of bearish stocks is rising, and individual tweets don't have a lot of enthusiasm for higher prices. It's likely that any price gains will come sluggishly.


This article was written by TradeFollowers for TradeFollowers on May 28, 2017.

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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