Thursday's Post Revisited

Here is an update to what we posted last Thursday.  Stocks had their worst technical performance last week since January.  If this market is going to react like it has to every market decline since last March, then we should see some attempt to rally this week.  Since this is the beginning of the month, the money flows into mutual funds could act as a cushion.  That could help us for the next couple of days.  The line in the sand is the resistance level I show in the chart above.  {double click on it to make it larger}  A move below that line would be indicative of a market that wants to do some consolidating or possibly have a more significant correction.

*Long ETFs related to the S&P 500 in client accounts.