Stock Market Highlights - Week 18
The stochastic indicators at the bottom of the chart continued to work off that overbought territory. We will need to see it break 18100 and sustain that level to know if the bulls are back. Otherwise closes below 17800 and sustained follow through suggest sell in May is a strategy to follow.
The S&P 500 closed at 2108.29 on Friday, May 1st, 2015 down 9.4 pts from the previous week. The S&P broke out of its triangle pattern, but failed to see sustained follow through. Instead it was a bull trap. The false breakout was quickly sold and now it's back into the triangle pattern. When this happens, typically you'll see that the bottom range is tested. I wouldn't be surprised if it did as such here before another run at the high or break below to fulfill the sell in May and go away theory.