Since the last time I looked at the trend of the market, the S&P 500 has put in a higher bottom at 1235. This is the first thing we need for a change in trend. The next thing we need is a higher high.
Right now, it seems the market is working on that. If it can close decisively above 1280 and put in a higher high as well, the probability of a trend change will be very high. In the mean time the market is simply coiling within a tight range.
The Nasdaq 100 index, however, is much weaker having been unable to put in a higher low. The NDX seems to be still struggling with the 1525 resistance level.
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