J.R.'s weekly wrap. It's back............

..... the price action above the 50% fib line on the SPX that is.  The $1121.44  is now support at least for the open of Mondays market. The next resistance is that $1150.45 from the highs of January. If we get though that then we are back in line with the prvious trend line from March.  However, if we bounce off that it becomes a double top and I would look for it to slide right back though the 50% fib and be supported around the $1050. The VIX is now in the teens and close to it's support line so look out for some choppy waters coming up. Trade to trade well and enjoy the weekend.