Today at the close a consolidation warning for the S&P 500 Index (SPX) was issued from the Twitter stream. As I noted over the weekend, the signals have been coming late over the past several months as traders seem to be chasing price. The nature of the current bounce should give more clues as to the strength of the market. This signal has plenty of room to fail so I’ll be watching to see if the Twitter stream cheers the bounce or fades it.
