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S&P 500 (SPX) Remains Constructive


I am not sure what to make of today's action in the e-SPM. The earlier intraday break below 1312 only triggered a follow-through to 1210, where the index pivoted to the upside for quick 10 point spike. The only thing my work points out is that the intraday pullback to 1210 preserves the overall series of higher-highs and higher lows off of the March and Feb. lows. From that perspective, the e-SPM remains very constructive. On the otherhand, the index still must hurdle March-April resistance between 1320 and 1321.25 to trigger upside acceleration to my next optimal target zone of 1325-1330. Only a failure to climb to new highs followed by a decline that breaks 1310 will begin to compromise my current constructive outlook. MJP 04/06/06 2:45 PM ET (1317.50)

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