The S&P 500 hit two major points today. The first major point was hit this morning when we had a test of the 50 day moving average at 1300.18 in the Futures. 1300.25 was the low of the day and the 50 day moving average held with ease. Once the low of the day in the Futures was the 50 day moving average, all eyes shifted to the second major point; the down trend for the year at 1314.50. The market then grinded up the rest of the day looking to test the down trend. The market not only violated the down trend, it closed above the down trend. The bulls are in full control. They got everything that they wanted today, even the VIX closed back below its 50 day moving average. From here I am looking for the market to test the highs for the year. Thursday is the end of the quarter and the highs of the year at 1337.75 could be tested by then. I included a copy of today's morning brief.
Morning Brief3-29
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