Nice price action today generating an outside day, which the textbooks tell us is a confirmation and continuation of the recent move. No fight here.
Nevertheless, moving into the zone of heavy resistance as the S&P crosses 2600 and the 50-day and .50 Fibo at 2640ish become just a chip shot away. Grab your gap wedge, folks.
Godot Mr. Doji so we can sell this market.
One Note Of Caution For The Bears
We are a bit concerned and nervous waiting for our short set-up as everyone and their mother are talking about the heavy resistance at 2600-2650, and also looking for a retest of the Dec 26th low. There will have to be some real selling up there, which we think is probable given earnings should be sufficiently negative to break some supply loose. Stay tuned.
Help keep the lights on at the Global Macro Monitor. Contribute any amount based on your perception of our value added by clicking on the PayPal donate widget at the right side of the screen. Thank you!