Well, rather faster than I was expecting, we are close to testing the resistance cluster that I was talking about yesterday morning. At the open this morning the cluster starts at the 200dma at 2064, then the 50 hour MA at 2065/6, falling channel resistance at 2069 and the daily middle band at 2072. As long as we see SPX turn here then I’ll be looking for 1990 next, and SPX may well be on the way back to 1871. On a break back above the daily middle band the falling channel is a bull flag and I’d be looking for a retest of the 2116 high. SPX 60min chart:
