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Chris Kimble suggests we Get Smart and pay attention to the way the market closed today.
Chris explains: Seems like no matter what business channel you were listening to today, all the "talk was about support, at the 1,040 level." This support line has been in play several times since mid-January.
Is something different this time around, in testing support?
Could be! Each test prior to today, the market hit that level and rallied, leaving a decent size "bullish downside wick!" Today though, there was NO downside wick as the 500 index closed fairly close to the low of the day and below the support line drawn off the wicks.
Tomorrow is the last day of the month and last day of the quarter. Let's see if the 1,040 level remains the same ole boring line in the sand.
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