The bounce off the 50% retracement theme continued today. We've also bounced off the SPX 1100 level, now support, which is significant as breaking below would be confirmation of the down trend. Below is the 5m chart for SPX. Note that the trading range appears to be 1100 and the 50% fib level of 1120. But near term we've bounced off 1100 with some ammunition left on the stochastics.
We've had some negative news, which could have turned us bearing, beige book, consumer confidence and BP. But on the daily chart it appears that the upward trend is still in place.
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