Flop?

The 1400 level (round-a-bouts) on the SP-500 has been closely watched this week. The apparent "failure" to break decisively through it yesterday has been talked up by the usual suspects. Actually it did make a new intraday high yesterday and besides the talking heads, there is nothing to suggest a problem at this point. While a consolidation would be helpful before the next attempt, (if not expected), the market is still in excellent position to power through that level. Other averages have already done so.

In the very short-term, like the next few hours, it appears we may get some sort of rally attempt. There is accumulation (as evidenced by 3C) in all the majors. I'm still trying to figure out the mid to longer term findings, but those can change with the short term action. For now, I see accumulation starting about 10 am, so I'd expect to see some attempt shortly.