... undertones in stocks right now, as many traders lock in profits in anticipation of earnings combined with the increasingly worrisome coronavirus situation.
The short-term momentum was bearish enough to hit the 255.50 support zone, and the following move was rejected from 262.70. The levels to watch are quite easy here. Supports are the 255-256 zone followed by 251. Breaking above the resistance level at is 262.7, and I would look for extension back towards the high 260s.
Since the former trend is up, the bias is still towards the upside. But as traders, its important to acknowledge both sides in this game of probabilities.
