Buzz & Banter
Looks like we're having a solid advance this morning and, as I promised in my last post regarding the Fun With Numbers setup we described last week, I'd come back with some retrace targets that should help us understand if the high was in or if we might get a new high above the SPX 1062.39 point.
Between roughly 1050 and 1055 on the SPX (1421 and 1433 on the NDX) are important resistance areas. How they act going into this zone in terms of volume, breadth, ticks, put/call ratios, TRIN, etc. should help us understand if they will "cap" this bounce. If they fail there hard, according to the studies described in Fun With Numbers, the probability that last Friday's spike high was the top increases. If they go through those areas of resistance with ease, those same studies suggest new highs.
Let's see how it all unfolds.
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