The bounce came close to the SPY 128.5 level where we last broke down. Bulls once again managed some late buying to close the market on a positive note. Oil was leading today as the focus shifted back to the Middle East. There was also a rumor that the FED will soon allow dividend increases for banks which gave the financials a boost late in the day as well. The bulls may make an effort to move the market further to the 50ma around SPY 130, but we are still very sensitized to the headlines. And we have to be cognizant of the downtrend as we will probably get a retest of the low down the road.
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