SPX made its high a few minutes after 11:00 am. I don’t expect to see a lot of movement today, but the quarterly window-dressing appears to be over. The critical 4.3-year support is now at 2050.00. The short-term trendline support is at 2042.00.

Today’s volume was below average and it appears that short covering may be exhausted. I had expected to see stock buybacks to end much earlier than this, but some may have decided it is better to apologize if caught. The stock buybacks facilitated a lot of insider liquidations.

The main consolation is that the SPX had not exceeded its prior highs starting at 2081.56 to 2116.48.

ZeroHedge writes, “Global stock markets, especially in the US, have made a furious comeback from the lousy start of the year. At its worst level the S&P 500 was down 11% year to date and 15% from its peak late last spring. At that nadir the market was trading at roughly the same level as November of 2013, over two years of gains wiped out by what appeared to be a nascent bear market. Since bottoming on the 11th of February, the S&P has traded up 13% and is now positive on the year, albeit a small gain. Has the bear been vanquished? Or is he just hibernating?”

Regards,

Tony

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