Tuesday saw another uptrending price bar on the cash S&P500. The price action did not do much to resolve the Price Pulse issue. However, we now have a price fractal and CIT (Change In Trend) in place at last Friday’s low on the daily chart. This clarifies the idea that the immediate issue is whether we break above the May 8 high or not.
There are only two more Fibonacci resistance levels left below the old high. The TD Supply line sits at 928.93 while the TD Demand line is at 882.79. These points represent the “inflection” points of the bullish and bearish cases. I vote for hitting the Demand Line first; failing to make a new high and then going on (over the coming weeks and months) to deeply retrace the move up from March 6.
The experimental trade position remains short from 897.34; stop & reverse at 930.17.
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