The S&P 500 attempted to break through resistance at 1,420 yesterday, but it fell just short as it closed just below this key mark. Short-term support levels on the S&P 500 include 1,392 and 1,387. If the S&P manages to clear the 1,420 level, its next key resistance is near 1,440.
The market has struggled recently, so Deron Wagner would like to see a big accumulation day early this week as confirmation that bulls are still firmly in control of the market.
Since Spain is going to be on the front page for some time, it will be useful to look at some of the problems it is facing, to put it all into context. And what John Mauldin heard while in Europe in private meetings is troubling.
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