A Brick Wall for Bulls

The European Central Bank concept of a negative interest rate for savers gave the market enough juice to get off the floor this morning, but for the SPDR S&P 500 (SPY), $185.70 has served as a brick wall for bulls. We tested it several times today and failed to get a one-minute bar close over that level.

If bulls can get the bid over $185.70 for even just a few minutes, then I believe we can power higher in a strong fashion. Otherwise, I expect us to close red today. I don't see an in-between. A move under $185.10 only has small support under $185. At that point, I think confidence will be lost again, and yesterday will be seen as nothing more than a dead-cat bounce....249 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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