The S&P 500 Tests the Low of the Year Today

Yesterday we talked about how important the 1245.74 level was in the S&P 500.Today,the market went down there and rallied.But,still closed below the critical level of 1268.42.We expect a couple day if not longer rally in the stock market.Major resistance is now 1286 to 1296.The market may fail before then.Again,a close this month below 1245.74 is a major bear market signal.Today's rally off that level still means the market may go down there in the next several weeks.