The pullback in the cash S&P500 continued with another downtrending day yesterday. Volume increased a bit on the decline as prices fell from the open before reaching the 1262-1266 support area right before the lunch hour. We then moved sideways the rest of the session as support held. The price action now marks Friday’s high as a price fractal and so the Resistance line on the chart is now much steeper and sits at 1293.73 today.
Today will be an important day. A rally from the off that leaves yesterday’s low in place gives the bulls at least a fighting chance to attack the 1313 level again. Any move under yesterday’s low and; although the immediate decline might end very quickly, I think we will fail to move above 1313 on the next rally. Today’s chart shows support right under the market at 1261-1265 and then at 1249-1250.
The Wilder Directional Movement System is now out of the market and indicates that price is now in a trading range (non-trending). The Parabolic SAR stands at 1310.41. My still under-development trading system is short from 1276.84. A move today above the SAR would switch me to long.
Today will be an important day. A rally from the off that leaves yesterday’s low in place gives the bulls at least a fighting chance to attack the 1313 level again. Any move under yesterday’s low and; although the immediate decline might end very quickly, I think we will fail to move above 1313 on the next rally. Today’s chart shows support right under the market at 1261-1265 and then at 1249-1250.
The Wilder Directional Movement System is now out of the market and indicates that price is now in a trading range (non-trending). The Parabolic SAR stands at 1310.41. My still under-development trading system is short from 1276.84. A move today above the SAR would switch me to long.
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