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“There is no terror in the bang, only in the anticipation of it.” – Alfred Hitchcock

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

The S&P 500 put in a closing low on March 13th that established the first major low of this correction.  So far, we’ve managed to hold above that level, but it’s the one to watch going forward.  A close below the 3/13 low will mark a resumption of the downtrend that’s in place.  For bulls, the next step in breaking the downtrend would be a close above last Tuesday’s high and then a series of higher highs and higher lows that eventually takes the index to new all-time highs.  You can see the process that played out when we had the last major pullback in July/August in the chart below: