For Us, Today's Rally is Yesterday's News...
Following a miserable May and rather dismal start to June, the short-term downtrend appeared to be imposing death by a thousand cuts to the bullish contingent seeking some sort of snap-back reprieve from the corrective downside torture endured over the past six weeks.
Last Friday June 10, we tagged our first downside swing target of 1276, which was established shortly following the S&P's 1370 print high in early May.
Yesterday's Near Term Outlook presented the following chart points and screen cast video to subscribers on Monday, June 13.
As mentioned above in the lower paragraph of chart points, we stated that vs. Monday's print low of 1265.64 (if it held) a move above the cited visual boundary carried immediate upside price risk just south of 1290.
With overnight futures positive from their open and the headlines of the day meeting general expectations, there was no question as to the 1265 level holding amid a move north of our cited bullish boundary.
Within the first two hours of trade, and before you could finish saying double-dip, the S&P was up over 15-pts and knocking' on the door of 1290.
June 14 S&P at 12:50pm EST.
June 13 Screen Cast for the S&P 500
If the embedded player fails, here is the video link: http://youtu.be/fAzTkP7vR6s
We hope that you have enjoyed today's brief snapshot of what goes on in the Near Term Outlook three times a week.
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