Bulls still hanging on today, they are doing everything they can to hold on to the 2042 intraday level that is an obvious short-term support level on the 5 and 30 minute charts.
But the bigger theme here is the declining trend-line off of the November highs that the bulls have repeatedly unable to break through. The last two trading sessions alone (today included) has been unable to break through this resistance. So watch it, with the market overbought, and stretched out more than your grandma’s 10-year old panties, this could be an excellent area for the bulls to finally decide to start taking profits.
Here’s the chart:
