Ongoing multi-day pullback has been very constructive so far. S&P breakout level of 1200 has held as the market has been consolidating in a PB mode. Nothing bearish there yet.The overall uptrend is still intact. The markets continue to be at a decision point. Watch closely the support level. It should be held on a closing basis. If the S&P attempts to rally without broad participation, we will see dangerous bearish divergences forming. Breaking down the support level with force would give a lot of room for bears for the intermediate term.

Trade well and have fun!

Matias