SPX gapped up on headlines lessening trade war fears. Intraday it dropped below the open three times only to find dip buyers ready and willing to jump in. At days end it closed at a new rally high, but below the 5/14 high. That is key resistance it must close above. Breadth was +67%. New highs expanded to 181. New lows slipped a bit to 57.
The futures held above the red resistance line. Intraday there was still resistance. The high came early in the day and there was some selling pressure in the afternoon. Nothing the dip buyers could not handle though.
The green count turned back up today, but remains below 50.
SPY options show key levels above at 275 and 280. Those levels could be resistance or acceleration points if sufficiently broken on the upside. Down below there is minor put support at 270. The more important support level is 265.
So the bulls came out to play as expected. R2000 continues to push higher at all time highs. The bulls were not particularly aggressive today, but they came in on the dips. SPX still needs to conquer the 5/14 high (2742). It did not quite get up to that level today before the sellers showed up. I don't see any technical reason why SPX won't get through that high, but until it does I guess you never know. A close back below the 100 SMA could bring out some selling pressure.
Bob
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