It looked for a brief moment like the bulls might take control of the action early on Monday morning but that changed quickly, with the S&P working its way down to 1266 before bouncing later in the session. That 1266 was within 8 points of important support near 1258, so the bulls did defend where necessary. Still, there’s not much to talk about unless the bulls can first reclaim the 20 day moving average on the S&P, now at 1323. Until then, we’ve got to give the nod to the bears.
