There was enough positive energy behind the SPX to see it push above resistance at 2100 this
week. SPX Daily
That it did not plainly suggests there is still overhead resistance in the 2100 area that the market
must plow through to move higher. So, if you are on board on the long side, you will have to wait
it out for a while longer and keep in mind this week's fail will get at least a few traders to explore
dumping some shares for the short run.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!