Yesterday the cash S&P500 reached for the 61.8% retracement level (of the distance from the recent high to TDST Support) but then reversed to once again close above the medium moving average (blue line). If the bulls have their hearts set on a new rally they will have a fight on their hands over the 1324-26 area.
Bottom Line: The scenario that price has failed the retest of its February high must be respected. The daily chart remains in a bearish mode (since Feb. 22) with the allocation mix at a +50% reading. The chart would turn bullish with a qualified break of 1341.59.
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