S&P Pressured By Short-term Negative Momentum

S&P will have a downward bias this week, pressured by short-term negative momentum but we expect support at the trend channel moving average to remain largely intact. There is a high probability that market is in for a ‘range-bound’ trading environment. This is a rally and retreat environment. It is not a trending environment. Short-term traders can anticipate continued volatility with rapid up and down moves in the markets