Despite us being down nearly 15 points on the SPX, there was really no selling pressure throughout the day. Internals at the low were about 3.5:1 - not at all bearish. It is only natural that the market then came back up. The volume also picked up slightly during the reversal back up.
I have highlighted 2 patterns here. Both look very similar, and I expect another pop up still to come. The highs at 1196 should be tested, we may even break slightly over and get to 1203.
The 1173 pivot I mentioned yesterday also held. The low was 1171, but the market was at that level for just 1 tick. As long as we remain above 1173, the trend is up.
The Dow seems to be bouncing off of this trendline on the hourly charts.
The horizontal line at the top is the April highs - the very important level on the Dow.
The SPX might be challening the open gap between 1202 and 1197.
That entire area is resistance.
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