A conundrum wrapped in an enigma… that’s the S&P 500 index.
I was just looking at the S&P 500 index as we come to a close for the week of June 6th. While the market appears to be higher for the week, it also appears that we’re losing momentum on the upside.
This can be seen in the second attempt to close over the 950 level. Also some of Market Club’s momentum indicators are showing negative divergences. This means that while the S&P 500 is making new highs for the move, the momentum indicators are not showing the same configuration and making new highs. This can often be the first clue of a potential market correction.
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[...] Courtesy of The Market Guardian [...]