S&P 500 Index (SPY-NYSE) three month price chart above.
The S&P 500 Index has had a good momentum from mid April till the end of May this year. Just last month alone the index was up over 2%. However since the beginning of June the index has started to retreat and needs to hold the 159.87 price point to avoid further declines.
We maintain a NEGATIVE rating in the immediate term on the S&P 500 Index but remain POSITIVE in the short-term.