Trend Hangs Vicariously on S&P 1,360

The market's near term uptrend sputtered yesterday. In actuality, it never showed a great deal of strength to begin with.

Nevertheless we can't call this a roll over yet. The SPY closed right above support yesterday. If the S&P 500 moves below $1,360 we are looking at a retest of the lows and it would be best to close all long positions in all groups other than gold and oil. If it holds here then the rally back to the 50-week average is still in play.

Outlook:

The outlook has switched back to neutral. Everything is dependent on whether the S&P can hold $1,360.

*Stick to inflationary sectors such as oil and metals.