i had mistakenly mentioned $SPX 1430 as the key support level that was broken on the $SPX today in the IBB update earlier today when i meant to refer to the 1420 level that i mentioned on sunday evening. i have since corrected that typo.
here’s a daily chart of the $SPX showing that former $SPX support level, which is now resistance. actually, i have it as a resistance zone which runs from 1420 – 1429. any sustained move back above that area would be bullish and put the bearish scenario in jeopardy. although i do not expect that to happen, i will be watching that level closely and adjust according if so.