Another Test of Resistance

Nothing new to report today. Although the range was quite a bit smaller than Wednesday we had another uptrending day on the daily chart of the cash S&P500 Thursday. After holding the short (red) moving average at yesterday’s low we are now poised to test the long (green) average. The X-pulse is now complete at the 1324.35 low on April 15. The “sell signal” line on the price pulse model now changes from the previously static 1312.81 level to the trendline connecting the B and X-Pulse lows.

Now we watch for another round of important retests of previous highs. Levels to watch are the 1396.02, 1388.34 and 1386.74 levels. Breaking the highest of these would be quite bullish.