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SPX, INDU: Bulls Face Their First Real Test

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1425-1430 SPX is important support.

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MINYANVILLE ORIGINAL Last update expected the S&P 500 (INDEXSP:.INX) to test the 1425-1430 support zone, which is what's happened since. This is now the first real test of the intermediate bull case. My preferred expectation has been that this decline is part of an ongoing correction, and as long as the 1425-1430 zone holds, it should resolve with new swing highs.

One more marginal new low here would be okay for the bull case, but a solid breakdown of this support level is likely to lead to a 30+ point decline.


Click to enlarge

The next chart outlines some key levels for SPX.


Click to enlarge
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No positions in stocks mentioned.
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