sp'monthly
Summary
A simple reminder of the broader up trend, you can clearly see first key support is the rising 10MA..which is around 1705. If sp'1850 was an intermediate top, then we'll slip into the lower 1700s within the next few weeks.
Bullish upside?
For those who think 'this rally ain't dead yet'... here is one scenario that I am still keeping in mind...
sp'daily3b - fib levels
If we can clear the 50 day MA in the 1810s, and put in a daily close in the 1820s, bears should clearly have been short-stopped. There would then be viable March/April upside into the 1880/1920 zone.
Considering the style of price action from last Friday though, I'm highly inclined against the above scenario.
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Looking ahead
We have an interesting little array of econ data tomorrow, with personal income/outlays, consumer sentiment, and most important..the Chicago PMI. Market is expecting 59, and anything in the low 60s would no doubt give the market an excuse to rally into the 1810s.
*there is very heavy QE-pomo of around $5bn...bears beware!
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It has been a busy week so far..and I'll leave it at that.
Goodnight from London