Resumption Of Strength

The up/down/up/down market remains fully in place, it seems. After a brief bout of weakness yesterday, sure enough, the market recovered last night, and we’re mashed right up against that descending blue trendline which has proved to be a mildly important level of support and resistance in recent history. It would take a break above that higher blue trendline for the bulls to start to capture some sustainable momentum.

Looking at the NQ (which has been aided in large part by AAPL, after the big Warren Buffett investment), its next big test is tinted in green, which is just above 4400. As you can see, though, for about three weeks, it has been meandering (just like the rest of the market), as we remain i a collective holding pattern prior to the June 15 Fed announcement.