Bounce Base is Probably in Place

Yesterdays strong upmove pretty much makes the March 10 to March 17 period standout as a basing formation and the swingpoint of that base period, S&P 500 @ 1305 should be considered a significant support area.  Until it is tested the 1335 area will provide resistance.  With the power seen today, a breach of the 1300 area on the downside would be a cause for deep concern.

7:18 AM CDT