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Good afternoon, traders.
At the end of last week I said that I thought the S&P had produced a very good-looking impulse wave up, and because of that I thought more upside was possible from there. And we got that right from the open with a strong gap. That gap put us right into the gap we made on our way down, and it remained as resistance as it produced some selling pressure right from today’s open and we smashed against it for much of the afternoon, but we weren’t able to enter it again:
I also want to point out our relationship with the 50-day SMA, which we’ve been able to recapture:
One day above that doesn’t make a trend, so we’ll have to see if that can be maintained.
Going forward, I can see two things for the time being.
Ok, we’ll see what the week brings. I hope everyone has a lovely evening.