The S&P 500 Index at a Critical Juncture
The 2180 level on the S&P 500 chart was key resistance for most of 2016 before it was penetrated in late November that year. A quick retest of that resistance-turned-support level was necessary before the index continued higher, and a similar process may be underway again this year.
The 2280 level has acted as resistance for the last two months. Last week the index broke above that level but has quickly pulled back to retest it, and in the Tuesday and Wednesday session closed just fractionally below it. The index is at a critical juncture and needs to regain its initial positive momentum or run the risk of a failed breakout.