Market Lacking Strength at Key Test
The weekly S&P gives a good view of the overall market. Currently, the index closed above its 10-SMA, and it is about 25 points from testing its "weekly" 50-EMA (usually strong resistance on the first test). RSI-4 (2) is in the short-term overbought zone (above 75), so buy pressure may ease up. And RSI-20 (3) is still under 50, which means the index is still in the weak zone on a weekly timeframe. Bottom line: we may see some weaker price action this coming week.