based upon recent trading actions, the market is setting up for a short-term pullback consolidation period, which could last about 2 to 5 trading sessions. Long-term technicals, however, remain bullish so buying on dips should be rewarding.
the S&P appears to be caught in a holding pattern ahead of Friday’s big employment report. While the near-term work on price structure and momentum still favors the bullish case, the significant amount of technical resistance between current levels and the January highs will give the bulls more pressure than they’ve already had.