S&P500 Holds Uptrend Line For Another Day

The big uptrend line from the November lows remains intact through Thursday. After flirting with it earlier in the day, S&Ps closed back above the support line on a closing basis. I think this is a big one.

And it also coincides with the 1600 level that we've been talking about for the last few months. That's some important support as well.

Something interesting that I noticed today was the relative strength in mid-caps. While the Dow was off 100 points around the lunch lows on Thursday, Mid-caps were in the green the whole time. As it turns out, mid-caps are at huge former resistance levels. These are even more critical that S&Ps at 1600 because of how many times it was tested to the upside throughout March and April.

That's what I see. What do you guys think? Do we hold or break?

Tags:  $MDY $SPY $SPX