Planet Wealth

The market is digesting a better than expected retail sales report as well as a disappointing consumer sentiment number.  As we all know, or should know, consumer sentiment is not going to improve until we start adding jobs.  The S&P is at an extremely important juncture regarding the near term move.  As mentioned in a previous blog, 1150 on the S&P represents a double-top from the January highs.  The bears have been saying recently that this is simply a test of the highs and we will fall following this double-top.  Maybe.  However, if the market can break this 1150 ceiling, that Fib retracement level of 1220 on the S&P seems very likely.  If we are able to reach 1220 it would be a point to become very cautious.  Regardless, the next couple of trading sessions will be very interesting.