yesterday the S&P 500 hit the lower end of our first real significant resistance area near 825. Subsequently this index sold off 3.9 % intraday from that level before clawing back slightly above its mid range. So over the next day or so, especially with the market pointing to a modest up opening, it will be important to see how much the market struggles up here.
What we have currently is a stiff resistance zone from previously broken support and the market up 23.12 % off its lows. This makes for a pretty stiff challenge to overcome and may make sense to sell lower cost basis names that have traded up recently then look to redeploy into those names on a good pullbacks.
posted by Peter Greene
Transcript: Ed Yardeni
6 hours ago
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