Thursday's session began with the cash SP500 breaking down through 1318.47 and heading towards TDST Support. The low of the day was then made above that support level and we rallied through resistance at 1322.93 and then above Wednesday's high to confirm the close above the long (green) moving average. The morning decline also held the support area defined for bull markets in the hourly RSI.
Upside resistance levels today will be right at the open (weekly short moving average is at 1325.89), 1332.5-1335.5 (daily short/medium moving averages), and then 1336.00 (TD Supply Line). Support remains at the long moving average (1321) and TDST Support (1312.62).
Bottom Line: The allocation mix meter remains at +100%. I am still expecting to see new highs before the April low is violated.
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