This is my daily view of the S&P 500 ETF. We are currently trading below the lower trendline of a pattern associated with market tops. With major long term resistance at 142, the bears have two significant levels to trade against. Until this changes, I must maintain a market neutral stance. That said, the moving averages and rising trendline clustered together give a very powerful support level for bulls to trade long against. If that cluster of support is clearly lost, there may a sharper drop in the markets as there is no strong support untill 135.80. I will wait until the market leaves the congestion zone to chose my positioning. Until then, trade em' well.
