|30 min SPX|
1407.14 is the Month high for the SPX with 1422.38 being the year high and subsequent line in the sand for the bull case.. Over this level could trigger a bit of short covering from the macro crowd and chasing from the retail crowd out of fear they will be missing out.
My guess is we are a bit extended up into the 1422 area thus a retrace back into the 1390-1400 area to allow for consolidation and a base to be built for a possible move into 1450. It is what it is... Check out the TFP forum.
|5 min SPX|