Following up on "Tuesday – Topping Out or Just Pinning the Fed?".
...Market Overview – What We Know:
- Market closed mixed Monday with S&P fractionally higher while Dow 30, NASDAQ and Value Line were fractionally lower.
- Short and intermediate-term cycles remain positive, but both are also “Overbought.”
Major Cycle remains near “Neutral.”
- Short-term Momentum in S&P 500 has failed to confirm any of strength in index since December 19 lows.
- Key statistical resistance in S&P holds at upper edge of 10-Month Price Channel at 1336.70. If that level is surpassed odds would substantially increase that May 2011 high at 1370.58 could be surpassed.