You're begging me to go
You're making me stay
Why do you hurt me so bad?
Last week we proposed SPX 1780ish as near term support for the index.
This week's action clearly delineated this level as a major battleground, with the bulls reclaiming the flag after multiple assaults by the bears.
Bulls will argue that their successful defense bodes well for the tape. Bears will counter that classic technical analysis says support weakens with each pass (as layers of prospective demand are 'spent').
Next week should be interesting...
position in SPX