The quick climb from S2 to R1 in Friday morning's trading seemed a little suspicious to me. For one thing, Friday's Advance - Decline Line high was below Thursday's low (second chart above). This is not a good indication of bullish momentum. So, in the afternoon trading, the market crumbled back down below S1.
The S&P 500 index is trying to stay above its 100-day moving average, but it is having difficulties trading above April's lows. So, the market is staying in a bearish mood for the moment.
Charles A. Pennison
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