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| SPX Daily |
The bears did a pretty good job of pushing the SPX right into the top of that high volume zone today (1355-1375). There are plenty of reasons to maintain a cautious stance on the bullish side here. I am currently long and slightly uncomfortable when I look at this chart. The first major level of support below is the 20day SMA at 1359ish.... assuming the bears can push that far. Below that opens up the potential for the 50day at 1339ish.... and then it's most likely a quick trip back to the 1310-1320 level. I'm holding my longs until I see the bears press a bit more, but will honor my stops if they trigger.
