Testy Tuesday – 3,840 or Bust (again) on the S&P 500

Here we go again. We expected that we’d drift along into earnings, which begin a week from Thursday, on the 14th. As you can see from our S&P 500 Chart – that’s exactly what we’re doing but we need to get back over that Weak Retrace line at 3,840 because the 50 dma is already moving under the mid-point at 4,000 and that is making the technical case that 4,000 is not the mid-point but the next 10%

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