Bearish December indicated as S&P slips below major support level
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Its first notable support matches the breakout point , and here again, the index has ventured firmly lower early Tuesday. Recall that the November close matched the S&P’s intermediate-term target of 3,140, detailed repeatedly. Against this backdrop, the prevailing downturn’s aggressiveness is worth tracking for potential technical damage. Each benchmark’s intermediate-term bias remains bullish, based on today’s backdrop.Recall that the late-November spike registered as a two standard deviation breakout, punctuated by consecutive closes atop its 20-day Bollinger bands.
To start, the index has drawn its first material selling pressure since October in the general area of the 3,140 target. A consolidation phase was due, and has surfaced to start December.Delving deeper, major support rests at the breakout point , a level closely matching the 50-day moving average, currently 3,033.
Recall that the yield staged a steep early-November upturn from the 50-day moving average, rising after the Federal Reserve’s latest interest-rate cut. Moving to U.S. sectors, the VanEck Vectors Gold Miners ETF GDX, +1.75% is showing signs of life technically. Moving to specific names, Pan American Silver Corp. PAAS, +1.51% is a well positioned large-cap Canada-based silver miner.
Late last month, the shares knifed to four-year highs, rising sharply after the company’s quarterly results. The subsequent flag pattern signals muted selling pressure, positioning the shares to build on the initial strong-volume spike.
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