Trading Environment:
-SPX 500 remains in Up-condition with positive C-RSI 12.38 strength
-Institutions increasing accumulation
-Long Term Trending Fed- and Foreign net-Liquidity Inflows with an uptick in high expansion territory
-VIX Close 18.35 signals positive market bias
-New Lows: 13 remain below danger 26-zone
-Leadership stock ratio: +1.20 building positive bullish advantage
Confirming weakness:
-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-the Saudi 'Day of Rage' proposed at March 11 -a potential negative spike event ahead-
Today's session:
...the SPX 500 extended briefly its reach towards the February 18 Peak *1344 with an intraday High *1332 at the Open but stalled under selling pressure
Today's session:
...the SPX 500 extended briefly its reach towards the February 18 Peak *1344 with an intraday High *1332 at the Open but stalled under selling pressure
...like at yesterday's *1329, the index signals weakness below today's *1332 with risk increasing for a subsequent down draft that would target lower channel support current *1292 in the dly. 6-mth. trading setup_February 1 Low *1286_ potential to spike down to January 30 High *1275
...a successful defense of *1292/ *1286/*1275 should provide the foundation for another rally into June with upper channel resistance current *1379 in the dly. 6-mth. trading setup; potential to reach out to hit a *1420 measured objective
...on the flip side, a Close above *1332 will set the index up for a re-test of the February 18 Peak *1344 before risks of downturn are again high
Kind Regards
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