Does the S&P 500 close at a new all time high or does it close below the former all time high? This is all that matters and exactly what the pro traders on Wall Street are following. If it closes above 1,849.44 (the former all time high from December 31st, 2013), a case can be made for a move higher in the markets. If it closes below that high, caution should still be used as the markets could decline in the near future. This and only this is what institutional traders and pro investors are watching.
Chief Market Strategist