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Test of the top?

Before I can place any trades, I’m going to have to take the temperature of the market. obviously things will have changed by opening day (March 19th), but it is never to early to start getting a handle on things.

The main question I have after today’s action is whether the brief spike up to Feb./March highs followed by a slight pullback represents a real test of overhead resistance. The two day RSI at 98.19 is bear food for sure, but the market has been overbought in this fashion for a week now,and just kept going higher. When the crack comes is anyone’s guess, but when it does, we will be looking for gaps to fill at SPX 1123, 1118, and even possibly 1105. Meanwhile, the bears are ensconced in tightly cramped dens, curled up in a painful fetal position after the past two weeks.

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