The S&P 500 has rallied into and pulled back from the key zone of resistance at 2092 – 2115. The steep August decline was initiated from this zone and it is the primary zone of resistance that stands in the way of the index establishing a larger degree bullish bias.
The current pullback has declined into nearby support at 2067. While above 2067, the index remains well-positioned to make another attempt at the highs.
Any breach of support at 2067 would open the door for further pullback to the lower zone of support at 2007 – 2034. The larger bias remains rotational while below 2115 and above lower support.
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