For 13 days, this biggest bull run since October 0f 2007 has held up without a significant pullback. 830 stopped the bulls though. If you zoom in on the 60 minute SPX, you’ll see possibly why the market stalled at 832. Notice the fast trip back to 830 after the quick selloff. That’s bullish. But would you expect a quick continuation up immediately, or time to rest? I think the bulls just had their rest, and will be headed to SPX 850.
Futures tonight are pulling back to a channel line of support at 807, so that prediction isn’t heading the correct direction as I write this. We’ll see what morning brings. A gap down to the low 799 level would once again set the 15, 60, and 5 minute charts up for a bounce. The bulls will need to hold the bottom of the igniting wrb on the SPX 60 if they truly are just resting.
