Traders remain very anxious to buy into the market, utilizing the rare setback to pick up positions. Yesterday's early dip found buying interest by mid-morning, a consistent pattern of late (when the market has been able to trade down).
The cash S&P is well over 100 points above its 200-day moving average, not an all-time high but historically a rich premium and at its most overbought point on oscillator studies since January of 2004. Cycle work does not urge caution (on the bullish side) until closer to mid-June based on historical patterns.
Weekly supports noted at 1492-94 have not come close to being hit this week, but the market did approach monthly resistance at 1520. A break of either would carry prices close to 10 points. Daily and intraday supports are in the 1506-08 zone, with the midpoint of recent hourly trading down at 1499 Jun. First daily resistance is at 1512.00-50, then 1515.50-1517.00.
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