Bears Rejoice, Halting The S&P 500's 5-Week Winning Streak: Is A Landing To 4,200 Now In Sight?
Portfolio Pulse from Piero Cingari
The S&P 500's five-week winning streak is set to end, with the index falling 1.3% in the last five sessions. The 14-day relative strength index (RSI) indicates overbought conditions, suggesting a potential drop towards the 50-day moving average support around the 4,200 area.
June 23, 2023 | 4:38 pm
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The SPDR S&P 500 ETF Trust (NYSE:SPY) may face a short-term drop as the S&P 500 index shows overbought conditions, potentially falling towards the 4,200 support level.
The S&P 500 index, which the SPDR S&P 500 ETF Trust (NYSE:SPY) tracks, has shown overbought conditions according to its 14-day RSI. This suggests that the index may face a short-term drop, potentially falling towards the 4,200 support level. As SPY tracks the S&P 500 index, it is likely to be impacted by this potential drop.
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