Just a quickie close-up look at the S&P 500 here.
See the 60 minute chart below. After falling out of the bear flag on June 1st the index quickly fell 3% and found the bouncable bottom at 1267. As of this writing we have retraced exactly 61.8% of the move from the top of the bear flag to the lows. We have also just about filled last Friday’s down-gap near 1309/1310. This is a decent area of resistance. If we can power through here its 1320 I am looking for.