Most days we’d be thrilled with a 20pt SPX intraday bounce, today it’s sort of a ho-hum event as nothing has changed in regards to the spooked marketplace sentiment. Technically, we bounced a few times near an important technical level and rallied some into the close, but it wasn’t as sharp and decisive move as we’d have liked to see under such circumstances. Still, we’ll take any positives the market may give after the beatings of the past few days, especially for the Nasdaq which had been slaughtered until some relief came late in the day.
To gain some control back for the Bulls, we need to get over “R” at 1071 and than 1076. We doubt investors will make too many bets ahead of the ECB meeting June 10th after their last fumble.