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S&P 500 (SPX) -- Resolution of Coil to the Upside?


Well, what now for the SPX? Our coil pattern now remains intact (just barely) but the coil has narrowed to a range between 1253 and 1241. This morning's rally failed to hurdle the top of the range, and so far the bottom of the range has contained the selling pressure. My overall pattern work argues for a resolution for the coil to the upside...but right now there is a definite lack of umph to propel the index in either direction. Perhaps we really will have to wait until after the FOMC meeting on Thurs to resolve the current "standoff."

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