Last historical relationship chart, for now. The S&P is testing the 2002 bear market rally high. If you look at the 2002 double bottom "W" formation it rallied to 964 on 8/23/2002 (Bigcharts.com interactive
chart). The SPX last week hit a high of 950. Not that this resistance line means much but it could be on the minds of traders or Bots.
Notice that the long term RSI and MACD is still well below the zero level, however a bullish cross could bring some upside momentum and knock this thing to 1,000. Also from the chart the monthly rate of change to the upside seems to be abating.
So Mr. Market are you consolidating or is it correction time? Don't be a b-otch $VIX!
S&P 500 (Bigcharts.com)
