The S&P500 has 'bull trapped' its way back to strong resistance. It has been a swift and strong rally off the December lows from $SPY $231.99 to almost $SPY $282 in just over two months.
Yesterday the market started off with solid gains, building on the solid upward action of last. However the upside came to a head and then a shoulder, before pulling back into the afternoon. When all was said and done the S&P500 ended up basically flat on the session. The Nasdaq however had run into a level of resistance I was looking at early in April. One that looks ominous when viewed from a longer time frame.
First off those in the path of the Hurricane be safe, smart, and hopefully it swings as far out to sea as possible. Like a Hurricane, the market is unpredictable and requires caution as well as preparation. It also cares little about you, and fighting it is hazardous to your investment portfolio.