In the last 6 trading days you could as readily have called the intermediate term TREND line of 1144 resistance as you could support – depends on what hour of the day that you need to call it names.
Government sponsored volatility like this is not going to end well, but that doesn’t mean the SP500 can’t continue to scale to lower-highs if 1144 holds. We have an immediate term TRADE line of resistance up at 1154 as of 3PM and we currently have no position in SPY.
The more I stare at this, the more I want to do nothing. I’m still waiting and watching as we approach month and quarter end.
Keith R. McCullough
Chief Executive Officer