Today's flat market action was about right for the consolidation I was expecting. We could see the consolidation / minor decline continue a little more tomorrow before the market resumes the bullish wave. The S&P 500 chart (below) is relatively unremarkable. We can see a little pullback from the most recent push higher although price is approaching a level of moving average support. The 192 price point on the SPY also looks like it could provide additional support. It has previously served as a point of support and a point of resistance with a correlating increase in volume. The next impulse up will likely be strong and should take hold before the end of the week (as soon as tomorrow, Wednesday.)
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