Support Has Held - At Least For Now

After failing to confirm the close below the weekly TDST support line; and failing to even close below the daily TDST support line, the cash S&P500 has rallied. There is a reason they are called SUPPORT lines!! We have now made a swing chart (orange line) bottom on the daily chart and have turned up.

Going forward note how the 50% and 61.8% Fibonacci retracement lines mesh with the long and medium moving averages at 1096-1097 and 1108-1110 respectively. Watch for possible resistance at these levels. Also note that a higher high today will confirm that objective wave 3 completed at the February 5 low. We will talk further about that should it happen.

Bottom Line: We remain in waiting mode; waiting to see if the 1044.5 level will be broken to the downside by February 26.