Wednesday, May 8, 2013

S&P 500 back to short term resistance

I expect a high over the next few days of around 1640, probably after a 15-20 point pull back. Price is now back to the top range of the structure that has contained the SPX over the last few months.
 You may have noticed the underperformance of the Dow relative to the SPX over the last several weeks. The reason is because of the push back this major internal trendline is exerting. After several months of leading the major averages higher, the change in leadership is just another warning that no one is paying attention  to.

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