Technical Analysis – US 500 stock index in neutral phase in near term; recoups some losses

The US 500 cash index has been developing within a narrow range over the last two weeks with upper boundary the 38.2% Fibonacci retracement level of the down leg from 3,396.64 to 2,173.95 at 2,646 and lower boundary the 2,440 support level. The momentum indicators are pointing to a neutral to positive bias in the short […]