Last week the S&P had shown real signs of topping out as the market entered April and we saw meaningful signs of weakening in both Breadth and momentum. However, this turned out to be nothing but churning near the highs as S&P failed to breakdown and join the movement in TY Yields and USDJPY, both which had fallen precipitously
this same formation, when pushed forward to today, shows nothing more than consolidation which numerous breakdown attempts having failed while prices attempt to push back to levels that were hit just YESTERDAY morning, near 2056- On an hourly close, by 1:30 pm today, S&P could make the highest hourly close since last week.
While this area at 2052-6 is considered resistance to this rally today, the structure has gotten increasingly more positive in the last week on the failure of price to breakdown, and simply consolidate near the highs. Movement back up above 2056 would likely mean this sideways action of the last week is being resolved by an upside breakout , yet again.