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Hugo in HTO Trading,

SP 500: Losing steam

Since the beginning of the year the index gained more than 0.5% however last week fell 0.3% and is in a bullish phase since mid-April.

Last week the index went back and forward without any clear direction but closed in the red, in the middle of the daily range, however managed to close within previous week range, clearly neutral suggesting lack momentum.

The Stochastic is showing a overbought market although is displaying shy signs of bearish momentum.

Expecting a downward move to a weekly support at 1,973 (scenario 1) on a break below the close of the previous week at 2,053.75 but a bounce off the weekly support at 2,014 may push the index upward to a weekly resistance at 2,119.00 (scenario 2).