Equity Indices Weekly (16 Jan ’17)

US equities SPX S&P500 Index balanced at highsThere has been little change in price action, with the US equities SPX S&P500 Index settling into consolidation beneath the 2282.10 high of 6 January.

Extension to the 2302/05 Fibonacci projections is possible, as short-term sentiment remains bullish, but difficulty is seen sustaining any break, as weekly momentum continues to settle back and background studies weaken.

In the coming weeks, risk remains for profit-taking to push prices lower, with a close below the 2233.62 low of 30 December opening up 2200. A further close below the 2186~ November break level will confirm a cautious stance, with congestion around 2150 to then attract.

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