is this just a dead cat bounce now
We are watching the S&P very closely here, and as you can see the S&P bounce quite agreessively off the 1730 mark, and we have been rallying ever since. Infact we have not seen one red day since that bottoming process back at the start of FEBRUARY!!
Well, maybe we are due for some sort of a red day, maybe one or two, however what is important here is that we are only about 10 - 20 points away from the old highs, (see rectangle below on chart) and that will act as some sort of resistance going forward.
It is a holiday on the market on Monday today, so its probably a good time to take a break, and re-energize the batteries for next week. We are either going to find significant resistance at this 1850 level, or we will blast right through it. My guess is that it will not be the latter for some reason. But we shall see. :-)
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