Near Term Trend: Positive
Friday’s Close: 2161.74 (- 2.01)
UPDATE: No more false hopes as per the Index trading to new historical highs. This past week marked the first time in fourteen months and several failed attempts that the Index was able to post a settlement above 2135.00.
In less than 15 trading sessions, the S&P has traded over 171 points higher. This represents a move of 8%.
As can be viewed in the chart, the deep correction from last November to the lows in January and February, followed by the acceleration and then correction in June has made this environment extremely tricky.
At this juncture, if the rally were to continue, somewhere in the neighborhood of 2215.00 would be an area where profit taking should cap further advances.