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The S&P 500 index
SPX has backed off its all-time highs near 6,020. Yet the selling has not gained material traction, and so the bulls may be able to ride to the rescue once again.
So far, support at or near 5,870 has held. The daily lows of the past four trading sessions are in that area. Moreover, that was the high from last October, so it is logical that it should be providing support now. We continue to maintain that a two-day close below 5,870 would be bearish for the market and would cause us to relinquish our “core” bullish position. There is further support at 5,670, but the violation of support at 5,870 would leave a neutral SPX chart in its wake, at best.
This post was originally published on Market Watch
