spike and recover

Price remains resilient and above the various rising trendlines except that you could argue that the S1 line from the Feb low is now being violated with the recent action. Perhaps it kissed goodbye yesterday at 1982.

A squeeze is underway and a 'pop' to the upside or a drop to the downside will happen shortly – probably FED induced unless we get major geopolitical news.

Chart of S&P500 for 29 July 2014

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