Market Posture Jan 9, 2018

The SPX hit our short-term resistance today - 2760. Since the target has been touched and due to the fact that prices have risen non stop for six straight trading days we'll look for consolidation or even a pullback to the short-term support (Congestion line 2725).


The Stochastic lines are both above 75, indicating continued strength to price.


The Market Forecast Near-Term Line has been above 80 for five consecutive days. Although pullbacks are often expected after such bullish moves, this line implies future neutral to bullish price action.


So far, despite only nine days into it, January has been par for the course - following 2017's bullish strength.


SPX Chart