The June S&P 500 posted an inside day with a lower close on Tuesday as it
consolidates some of the rally off November's low. The low-range close sets the
stage for a steady to lower opening when Wednesday's night session beginstrading. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If June
extends the rally off November's low, weekly resistance crossing at 1586.50 is
the next upside target. Closes below the 20-day moving average crossing at
1516.44 would confirm that a short-term top has been posted. First resistance
is Monday's high crossing at 1551.40. Second resistance is weekly resistancecrossing at 1588.50. First support is the 10-day moving average crossing at
1528.99. Second support is the 20-day moving average crossing at 1516.44.
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