To  paraphrased famous commercial: Chart is not always right but when it does – I pat myself in a back , (smile).  Granted, pullback was helped by bad CPI numbers.

So what Chart saying now? Unless News happens- SP is not flying up. Overall direction is up but in a short term-  It is slightly oversold.

MA50 at $29.26 acting as the Resistance and putting pressure on SP to pullback a bit more. SP might  quick visit support at $27+ . But if SP manages to get strength to break thru $29.26 (with Nasdaq help) then it can run to the next level of $32.+  Guess we just wait for a decision in mean time.