The market is stumbling this morning after successfully breaching last week’s high late on Friday. It has come back to trend support at of 6:40 AM in New York. This is where push comes to shove. Key support lines are at 4217, 4213, and 4209. If they don’t break them, then nothing has happened, and the market would still be on its way to an upside breakout.
5 day cycle oscillators are on the sell side, but there’s still an unmet 5 day cycle projection of 4236, just hanging out there waiting to get tagged. So watch what happens at these support lines for the key to whether they make a run at that projection.
As I finish writing here, there’s a little bounce starting off that first trend support area.
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