S&P: Long-term uptrend intact

S&P remains in a long-term uptrend despite being tested in a pullback a couple of weeks ago, says Andy Dodd, Head of Technical Research at Louis Capital Markets.

Dodd notes there are signs another short-term pullback could be on the cards or at least a period of indecision – including the occurrence yesterday of a spinning top candle on the daily chart, and RSI divergence and a cross down in MACD on the 120 minute chart – but longer-term the trend remains intact.

See report.