The SPX rallied sharply today off 2080 shorter term resistance. Since so many players have
recently been looking for a price correction of substance, it might be wise to see how this
bounce plays out over the next few days. SPX
The key to extending the pop in the SPX is whether the market can break above the 25 day
m/a followed by enough forward power to turn the "25" higher. Such action would no doubt
change a few minds among the consensus that the market should erode further to test
support at the Mar. low of SPX 2040.
Note however, that the rallies so far this year have been losing momentum.
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