Brief SPY Reprieve Only

S&P 500 accelerated slide reversed without a proper capitulation on high volume or broad based advance, therefore it must be still viewed with caution. Not even 4,340 gave way, and there is nothing to support a bullish turn as being in – not even the spike on good unemployment data (goes against Fed tightening logic, and coupled with economic performance data doesn‘t suggest an accelerating economy) did manage to keep stocks up without creating a headfake first.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them.

S&P 500 and Nasdaq Outlook

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4,340 remains the daily „point of control“, but the real battle is waged for 4,315. Rightly so, and 4,298 would mark only intermediate progress, good confirmation thereof would be tech sliding faster than cyclicals, chiefly the Top 7 stocks. Low 4,260s would though form a bare minimum bottom target that I view as more technically appropriate. Summing up, daily tug of war with stocks not going too far (daily range perhaps 40 pts), is most probable.

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