It is one of those kinds of days in the market today, with not much energy and a lot of nervous energy in the air. While the transports and cyclicals are soft, and the market is off its intraday highs, we know that calling the top has been the quintessential sucker’s bet in 2013.
Furthermore, observing our 30-minute updated SPY chart below, the inverse head and shoulders breakout remains intact, as does Tuesday’s gap higher. We have more or less gone sideways for the past two sessions, and focusing on individual stock performance is likely correct here in lieu of obsessing over the indices.
1545 on the actual S&P 500 Index is the level to watch above, while 1536/7 figures to be the first short-term support level I am observing.
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