SPX 3000 round number-itis

Mid-week market update: At week ago, I identified two technical triangle formations to watch (see Why small caps are lagging (and what it means)). Since then, both the SPX and NDX have struggled at key resistance levels despite a generally positive news background of earnings beats, and now they have moved sideways through a rising trend line. The obvious short-term downside target are the gaps to be filled below (shown in grey).

The market seems to be afflicted with a case of SPX round number-itis, where the index advance stalls when it reaches a round number.

The full post can be found here.