In today’s briefing:
- Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support
Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support
- Following last week’s pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.
- As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.
- Important supports that we need to see hold in order to remain bullish include 4600 on the S&P 500 and 14,400 on the Nasdaq Composite.
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