The S&P 500 has pulled back a bit. We’ve been grinding back and forth in the same range for the last couple of days. The sell-off really is not anything that I’m overly concerned about. The 7,500 level is a bit of a magnet for price. If the market can take off from here, the 7,600 level is where we had seen resistance previously and is the top of the potential ascending triangle. Ultimately, an ascending triangle suggests that pressure is building for a move higher, but we’re just waiting around. Whether or not that happens will remain to be seen. We do have the 50-day EMA underneath offering support as well.
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