Bulls Continue to Defend Key Support Levels

It’s been a tight range week so far in the S&P500 as we churn underneath  prior all time highs.

Here’s the 30 minute chart of the $SPY:

We just saw a sharp intraday flush under the roughly 226.25 support area off the heels of President-elect Trumps news conference, but then quickly reclaimed it and bounced back into mid point of this range.

Not a bad looking bullish shake out.

As for the rest of the market, the Russell 2000 $IWM has so far defended support at 135:

and the Nasdaq, while perhaps a little stretched, continues to run away higher.

Overall it looks like they’re trying to wear us out here, but as long as bulls continue to defend key support levels, this is all just noisy price action in the context of longer term up-trends.

We remain moderately long, ready to adjust exposure as necessary.

Thanks for reading and good luck out there.

For more in depth market analysis, check out today’s just published Market Recap video.