Daily Support Held

Daily support held for the S&P 500 (ES Z0-D). I mentioned earlier in the week that as long as that support zone held, the uptrend was still intact. Now the S&P has broken out of a 60day trading range. You can see on the hourly chart below that it has also set up the reversal pattern (in red), so a pullback to test support would not surprise me. The pullback could only last a few minutes or could take the better part of a day. 1,189 was the 127% target coming of Tuesday’s lows.