Checking In With The S&P 500 Chart
As the market moves to test some support levels, the S&P 500 chart is very interesting. What is of interest to me is how the climb a few months ago to the April highs was a slow, melt-up. The decline, however, was much more violent with much larger declines than inclines (on the way up). We’re approaching critical support levels (1040ish) on the S&P. Just a few weeks ago with the bounce off these levels, people were saying the correction is over and it’s time to resume the climb higher… doesn’t look so much like that’s the case, does it?