Stocks Retrace Gains

The S&P 500 has found support at 3584 after the CPI dip tested the base of the 3500 handle. We have since solidly recovered the 3500's, with a strong burst of momentum breaking through to 3714, where a red triangle on the KRI confirmed resistance. We then fell back to support at 3584, and are currently seeing an attempt at a pivot. We identified 3617 and 3624 as two levels where we would see resistance and that is exactly what we are seeing. A red triangle on the KRI is confirming resistance at these levels. If we are able to break past them, expect further resistance at 3714. If we retrace, then 3584 should hold, otherwise the base of the 3500 handle should hold as a floor.