7 days down, 7 days up... And then?

15 Kas 2016

SPX now up 7 days in a row, after being down 7 days.
Rebounded violently (+3.8%) on the MA200 support.

Now EXACTLY mid-way between:
- Current historical high turned resistance (+1.36%)
- Previous historical high turned support (-1.36%)
Talk about a coincidence, and indecisiveness...

Rounding top negative formation invalidated for now
Up-trend confirmed above 2,193.81
Downtrend confirmed below 2,134.71

18 Kas 2016

Not

We are now a few points away from the next resistance/historical high at 2,193.81. The SPX has been going up in a straight line: +4.7% in 11 trading sessions. All the while, US treasury yields have soared and the dollar keeps going higher. The least we can say is that correlations are all over the place and something should give... Betting that the S&P will not break out on a Friday and will take a breather on options expiration day...