...on a closing basis in the daily/weekly timeframe:
-April 17th High SPX 500 *875.6 was not exceeded until month end April
-1st of May marked the start of another advance exceeding *875.6 at the close
to the May 8th High *930
-*875 > bottomline for any sustained continuation of the current rally
...SPX 500 closed at *883 with intraday low *876.9 (not bad)...but well below last month's high *889
...this should give the index enough strength to test resistance at *915
-successful test of *915 > SPX 500 *944/*967*(+)
-failure in the *915 range (most likely) will result in a substantial downturn, possibly testing March 09 Low SPX 500 *666
-the deciding point for a shallow or deeper correction is a successful/failed test of SPX 500 *816/*826 range
Trading Strategy: sideline (safest); hedge: short term neutral to short bias to *915 with sell stops respectfully below 875.6
!!!LONG TERM, REMAIN ACUTELY AWARE OF THE BEAR!!!
(there is no guarantee and strategies are just ideas)
Kind Regards
Kind Regards