Right now the S&P bumping up against a major resistance line (black).
Sitting just a little above the 1.236 fib level (max level for a Wave B correction).
The purple line is the 200 day SMA. Note that Friday last week the S&P was 16% above the 200 day, which is the largest of the entire 2009 rally.
It really looks like the S&P is ready for a pull back IMO.
Sitting just a little above the 1.236 fib level (max level for a Wave B correction).
The purple line is the 200 day SMA. Note that Friday last week the S&P was 16% above the 200 day, which is the largest of the entire 2009 rally.
It really looks like the S&P is ready for a pull back IMO.
