Market At A Critical Juncture-MKM Partners

Jonathan Krinsky, Chief Market Technician at MKM Partners, published his weekly Technical Strategy over the weekend. He feels the market is at a critical juncture, with the uptrend in the S&P 500 remaining intact -for now. Some key takeways: -As long as the bulls can defend the 1955-1960 area, they continue to have the upper hand in large-caps -Given that there was a 90% down day near the bottom of this channel followed by an up day on Friday, it would appear the bulls have once again stepped up where they needed to -Well defined uptrend channel remains intact, as S&P 500 holds above its 100 DMA (1956) -Close above 2000 would negate our near-term cautious view, and suggest new highs were on deck with a measured move towards 2070 -Break of ~1955 would now open the door to the August low at 1905 The low so far on the day in the S&P 500 is 1964.04, so although the 1955-1960 area was challenged, it has held so far.