We have had a nice heart tumble this morning, thanks to the China/US trade talks absolutely going nowhere, but as I am typing this, we’re starting to find some strength. I actually took this screen shot before we started firming up, but bear with me a moment……
As you may recall, I was obsessed with the 2600 level (later modified, more precisely, to 2626) as we approached it, but we went ripping above it last week. Resistance, thus, became support.
We are witnessing that effect right now, because we managed to get as low as 2623.25 and then, voila, the buying started.
We need to CLOSE beneath this level for it to change its purpose again. Until then, it’s a bear-repellent wall.