Time of Truth for S&P 500

The time of truth emerges: the final two hours of trading. If the SPY can claw its way above 142.00/05, we should see upside follow-through into the 142.40/50 area thereafter, which will be a signal that the Fri-Tues pullback ended this morning at 141.19 -- and that the SPY is in the midst of a revisit of last Thursday's high at 143.24.

Conversely, a late-session plunge that breaks 141.19 will be a very negative near-term technical "event," and will argue that the SPY is undergoing a much deeper correction of the most recent upleg off of the 11/28 low at 137.96.

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