S&P 500 - 30 Min Chart - 14 Days
I was saying something earlier this morning about deja vu all over again and just as it did a couple of weeks ago at the end of August, the S&P lost steam in the mid-1030s (1036.34 to be exact) and quickly dropped back below the 1030 line. This is the 6th time that that has happened - and the bulls aren't going to get things going until they break through this zone.
I drew a horizontal red line on the chart showing the high point today. As you can see, the S&P has only gotten above this point twice this year - and both times on very short spikes that very quickly pivotted and reversed direction. One would have hoped that with the momentum gained from the pullback to 992 and reversal, and with everybody coming back from the summer that the market would continue to rise on its gains - but even with all of that, it's still stalling and reversing at the same old place. Anyone who jumps in on the bull side before it gets through this resistance risks the possibility of getting burned.
Deja vu all over again.