S+P 500 has retraced 28 points from it's
all time of of 2940.91 last week.
2 Hour OPEN chart on S+P 500, by it's construction,
clearly shows 2929 has now become RESISTANCE on any rally.
That leaves open the possibility of 2929 becoming a Secondary Top,
below the all time high, although it is much too early to know.
A rally beyond 2929 would be bullish,
and would probably assure a test of the all time high.
2929 should be used as a STOP for any short positions, until further notice.
THE_UNWIND
all time of of 2940.91 last week.
2 Hour OPEN chart on S+P 500, by it's construction,
clearly shows 2929 has now become RESISTANCE on any rally.
That leaves open the possibility of 2929 becoming a Secondary Top,
below the all time high, although it is much too early to know.
A rally beyond 2929 would be bullish,
and would probably assure a test of the all time high.
2929 should be used as a STOP for any short positions, until further notice.
THE_UNWIND