S&P 500: Short-Term Sell
S&P 500, 4-Hour Chart Analysis (with NASDAQ comparison)
The S&P 500 index continues to lag the leaders of the market, as the rally is getting narrower, with only the major tech names pushing the stocks higher. The financial sector remains well below the March highs, warning of underlying weakness in the market.
The S&P 500 is also below the prior highs, providing a possible long-term short-entry with a favorable profit/risk ratio. The short-term support near the 2355 level serves an optimal initial target while further support levels are found near 2332 and 2319. Long-term traders could set the initial target near the 2300 level
Monero: Short-Term Buy (Update)
Monero, 4-Hour Chart Analysis
Monero was helped by the broad rally in cryptocurrencies this week, getting close to our target near $25 yesterday, but the break-out stalled near the short-term resistance zone, possibly pointing to a failed momentum move. This development justifies a new stop-loss near the $22 level, to protect the short-term position from a possibly strong bearish move.
Long-term traders with a core position could still wait for a move to new highs as the long-term support levels remain intact following the extended consolidation period. Long-term resistance is found near $26, and a move above that level could open up the road to the $30 level.