Stocks corrected early on Wednesday morning, yet rallied back into the close. This makes a 2nd straight day above the 200 day moving average. Thursday scoring above that mark would seem to confirm the breakout for stocks.
---apparently those big guys do not want to let this to happen.
The S&P500 index remained at 1,277 yesterday and still needs to cross above 1,285 before the index can confirm a favorable investing environment is present. In the meantime, the S&P500 index continues to be vulnerable to a retreat to 1,240 or even lower, perhaps 1,200 if economic indicators deteriorate or a major debt problem or oil supply problem should arise.