Domistock Tools Used:
Assets charted: S&P 500 index (.SPX)
S&P 500 has just breached resistance and the upper line of a symmetric triangle and according to traditional technical analysis that should be a double bullish sign. However, DomiStock doesn’t quite agree and in fact it sees a 90%+ probability of S&P being lower in the coming sessions. That is according to its 35%, 3 Day and its 65%, 5-Day Resultant Direction lines, of the Max Profit Loss Calculator, which have turned negative. And that’s not all. DomiStock has drawn a resistance line at 1950.33 just ahead of S&P’s closing price at 1940.240 and it called S&P inflated, for the first time since last October. Last but not least, the performance of the 7- day Dominant signal for SPY is the highest of the last 60 periods, which adds to the risk of investors taking some profit in the short term.