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The e-SPM Remains Betwix and Between


After three hours of trading, the e-SPM remains in the grasp of its pullback off of yesterday's high at 2124.25-- so far into the 2211-2110 support zone, which must contain the weakness to avert weakening the promising rally pattern off of last Friday's low at 2096.

If the index breaks and sustains beneath 2011/10 my pattern work will argue that the upmove from 2096 to 2124.25 increasingly looks like an "intervening rally" that separates two more dominant bouts of weakness.

In plain English this means that the decline from the all-time high at 2134 (May 19) to 2096 (May 26) represents the first part of a corrective period, followed by an intervening rally to 2124.25, followed (perhaps) by another corrective period that will project to 2075-2070 next.

A sustained breach of 2010 will increase the likelihood of the above-outlined scenario.

So far, however, the bullish scenario is viable, if tentative.

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