Successful Test...For Now

It's not in the way that you hold me
It's not in the way you say you care
--Toto

Yesterday's test of the 200 day moving avg proved successful. Exceedingly so in fact with the Dow ripping nearly 700 pts higher.

That's twice now in about six weeks that the SPX has bounced off this line of technical support. A central tenet of technical analysis is that support gets weaker with each successive test as layers of demand that support the level are used up during the test.

As such, bulls need to hold the gains. Not sure they can withstand another test should it occur in the next few days.

position in SPX