My internal indicators are currently bullish as of Friday last week. We retested the November '08 low in March and got our tradable rally. We started to look toppy up here and reluctantly targeted the 1000.00 area in the S&P. We did find low volume buying above the 1000 level during last week's option expiration. Any attempt to short this market has been unsuccessful. I am not positioning long with size as I think we are close to a significant top but I am also not willing to fight the tape. That leaves me looking for distinct signs of buyer exhaustion in the price/volume action. Using the numbers below, on the downside, if we establish trade below the pivot, we should target S1 rather quickly. If the pivot holds as support, we could grind higher yet to R1 for an upside target.
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