The S&P 500 is currently at the cusp of new highs. It has retraced the entire cypher breakdown. It is likely we will retrace here to support. First, we have had three straight days of gains. Second, although we are seeing higher highs and higher lows, the hallmark of a bull trend, these values come at a decreasing pace, ie we are seeing the S&P 500 'round off'. Therefore, if we do not see momentum at open, we are likely to retrace to support at 4245 or 4228, which would provide excellent opportunities for long positions. Watch the Kovach Momentum indicator. If you do not see a large spike at open, we are not having the follow through in momentum we need to punch through to higher highs.
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