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S+P 500 rejects a close above 5,500

Yesterday, as mentioned here a little earlier, when looking at the price action on the Nasdaq 100, the S+P 500 was also noted as setting a negative outside day reversal yesterday. Well, that is exactly how it played out. However, the index did open with a record and did set a new record above 5,500 first, before that lower daily close. The opening level was just a cigarette paper below 5,500. The index reopened yesterday at 5,499.99. The new record seen was then set at 5,505.53. The index then followed the Nasdaq 100 lower (understandably), dropping back to a session low at 5,455.56, before later closing 13.86 points lower, at 5,473.17. Just as with the Nasdaq 100 future this morning, the S+P future is a little higher right now though and currently pricing the reopening for this afternoon just above 5,480. So, will this technically negative close, in conjunction with the Nasdaq now deliver more downside in the days to come? Well, it could, but we also know that it might not, given the recent track record in this respect. 

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