Sometimes you just have to laugh out loud. I have been expecting the March low in the cash S&P500 index to hold, but this is ridiculous. Is it possible to hold by just a whisker? Yesterday’s low of 1260.68 was just 3.7 points higher than the March low water mark. Are we out of the woods?The good: Yesterday’s low respected the weekly “support” line shown in bright green on the chart. (Aside: other support levels remain the same – see chart.)
The bad: Price action has yet to generate a technical “buy” signal on the indicators I routinely watch.
The practical: A bullish view is only warranted on a break above 1309.83 (this is where today’s resistance line falls). On the flip side, I don’t think a bearish view is appropriate through (at least) the remainder of this trading week.
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