Not a lot has changed in the last few weeks. We stressed the oversold lows of the immediate term TRADE down at 1040 and have since recovered to yet another lower-intermediate-term high. Last week’s volume was anemic.
In the chart below we show that the Bear Market Macro line of intermediate term TREND resistance remains intact up at 1144 and we have another lower-high of resistance established at 1107.
If you are looking for good news, there is an immediate term TRADE line of support that’s developing in the 1086-1088 range. If you are looking for bad news, watch what happens to this market if that 1086-1088 range fails to hold on a closing basis (no support to 1028).
Keith R. McCullough
Chief Executive Officer