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Path to nowhere continues. Where is SPX going tomorrow?

Monday was again as expected. I expected it to go higher at first to overcome Friday’s selling but then drift lower. At first the manufacturing data which came out better than expected but along with not so good economic data (mainly consumer spending) put the market on an upward trend. The market seems to love not too good data and not too bad data as they prevent FED from being aggressive raising the interest rates.

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The market looked good until about one hour before the end of the session when bears once again took over and send the market down. I expected the gains very small and thanks to last 30 minute selling it happened. We bounced off of 2100 support but failed to break the resistance at 2120.

I am afraid this weakness would continue as I see my indicators pointing down.


I believe tomorrow the weakness will continue and for that I expect the market to go DOWN to test 2100 level again.

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