In my Dec. 18 S&P 500 update, I wrote the following:
"The S&P 500 has breached the upper Bollinger Band on the daily chart, which has generally been very strong resistance over the most recent rally (see previous highs on the chart below). This indicates that the broad market is very overbought short-term and is unlikely to continue higher until some of the recent gains have been digested..."
As it turns out, the close on Dec. 18 was $1,448.00 and was the recent high. We are now making our way towards the lower band...
"The S&P 500 has breached the upper Bollinger Band on the daily chart, which has generally been very strong resistance over the most recent rally (see previous highs on the chart below). This indicates that the broad market is very overbought short-term and is unlikely to continue higher until some of the recent gains have been digested..."
As it turns out, the close on Dec. 18 was $1,448.00 and was the recent high. We are now making our way towards the lower band...
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