The S&P 500 traded back up so far this week to regain last weeks losses.
The S&P tested into the 1390 area of resistance today, and while it still has some upside room to test perhaps into the 1400.00 area or slightly above. The S&P has still broken key support on the weekly chart and could very easily see more down side trading in the next week or 2. As for the next few days however, the S&P seems to be on a rally that has just hit the Fibonacci 38% retracement and looks as though it could see some major resistance in around the 50% retracement area on the weekly chart.
On the daily we can see that this move can continue to move into the 1400 area if the 1390 resistance is broken in the next day or two. Without that break of resistance look for price to retest the 1375 area and keep an eye on the volume at the same time. Decreasing or low volume on the move will be setting up for the test higher, however another large move in volume like the ones over the last couple weeks could see price move to test lower. I personally don’t see that playing out without some kind of help from the news. The more likely of scenarios for this will be the retest of the 1400-1405 area in the next week – 10 days before we really see how much “sell” the bears have left in them.
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