Morning Comments

Look at the daily SPX chart. A break of support doesn’t mean the uptrend will immediately end and the low retested very soon after. The market itself could easily go sideways in a range before making its next big move. At this moment, I don't see any reason to guess when a top will be put in place. The bears keep trying, and that’s one reason the market keeps making new highs.

Until yesterday, oil had been up 7 of 8 days. Hints were given the market needed a break, but the trend remains in place. So be cautious at this moment.