The stock market, as measured by the Standard & Poor’s 500 Index, reached a very important point: the top of the trading range, near 1,220-1,230. The trip to get to this point has been an interesting one.
Two weeks ago, the S&P 500 /quotes/zigman/3870025 SPX -1.26% broke down through what had been support at 1,120, and then 1,100. The index probed down to nearly the 1,070 level — filling an overnight gap that existed in terms of Globex S&P futures trading. Suddenly, the market turned and rallied strongly. Not only did it re-enter the trading range, but has continued more or less straight up to this point, near the top of its range.
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