In many ways the price action Wednesday resembled that of Tuesday: a down trending price bar on the daily cash S&P500 that finished well off the lows. Two days into this pullback and one can say that the bulls are holding up quite well.For today I will be watching the same two price parameters as yesterday: downside support in the 956-960 area (Fibonacci level at 956 and the short Gann moving average (solid red line)) and the TD Demand line (dashed red line just above yesterday’s price bar) which sits at 982.09. A confirmed, qualified break of that line points to another large run up - but let’s see what happens.
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