Waiting for the other shoe to Drop…

Dangerous territory. Market players are working hard to influence the markets through the S&P. SPX 5140 was a measured move point which was hit on March 4. The general market topped on March 8 when SPX hit 5189. Today the market found support at 5138, near the measured mark, now seems to be looking for a run at resistance at 5230. The March 8 level of 5189 is something to watch.

One other thing to watch at this time as the market is waiting for the other shoe to drop, is the RUT/NDX relationship. Since no one wants to buy the Russell, it would appear that the Nasdaq 100 has about run its course.

And what could that other shoe be?

My top three candidates are:

1. Something related to Israel.
2. Something related to Ukraine.
3. Something related to a Trump criminal conviction.

What is not on my list:

1. Inflation.
2. Lower interest rates.

The market is going to have to learn to live with how things are at the moment.