The S&P 500 just turned back down from the Feb 2 high, perhaps forging a stronger ceiling for the market to get through. This comes within the context of what I believe to be a counter-trend move and not the beginning of another bull-leg higher.
A lower high from the Jan record high is anticipated and could even set up a nice-looking head-and-shoulders pattern, in not only the SPX but NDX as well. It could take some more time before the recovery bounce is ultimately finished, but for now working with 4595 as resistance.
