…two technical areas stand out: Major support spanning from 1,220 to 1,230. The S&P bottomed last week at 1,226. Resistance at the 200-day moving average currently 1,271. The S&P has topped at 1,267 on the recent upturn. So very simply, the S&P and the Nasdaq are compressing between major support and the 200-day moving average.
If you were considering the possibility of trend following trading please be aware that the seemingly fundamental analysis of technical analysis in that article is not trend following. Let go of trying to find an explanation for every situation. You don’t need to know that to profit. And you can’t predict tomorrow anyways.