A brief pause in the advance

Mid-week market update: The S&P 500 had been on an upper Bollinger Band ride, but the ride may be over. In the past year, such events have resolved themselves in either a sideways consolidation or pullback. As well, the 14-day RSI has reached levels consistent with a pause in the advance. 

Based on recent history, we should know about the magnitude of the pullback within a week. Initial support can be found at the breakout level of about 4540.

The full post can be found here.