trading pattern on the S&P 500 index suggests that short-term condition is ripe for some sort of pullback consolidations. Expect the index to trend lower towards the 1070 area in the coming days.
the trend-line moving average and the 1100 level on the S&P are short-term ceilings. If they fall, a larger upside correction could unfold, but for now they look firm. With that said, the market needs to close above the S&P 1100 level before we can feel bullish again. Until that happens, rallies are selling opportunities, as far as we’re concerned.