Resistance Kicks in Right on Queue. Can Bulls Push Back?

Now the dynamics get interesting.

Technical Edge — 

• NYSE Breadth: 72% Upside Volume

• NASDAQ Breadth: 62% Upside Volume

• VIX: ~$29.20

Game Plan — S&P (ES and SPY), Nasdaq (NQ and QQQ), Dollar

Staying cautious with individual stocks — again sorry, but money saved is better than money lost! — and sticking mostly with index setups, bonds, USD, etc. There is a time and place for individual trades and we just hit XLE, XOM and AR super well. 

Patience is key for the ideal setups!

S&P 500 — ES

Monday was a solid day for the bulls, but a negative pre-announcement from SNAP is sucking the wind out of the futures right now. 

On the upside, we were watching 3950. Above that put 3985 in play. It gave us 3982-and-change yesterday, as the 61.8% and 10-day stepped in as resistance. We can’t be surprised by that. 

Now we have an interesting area on the downside.