is this a short pull back for another leg up ? or we have seen the top at 833, and now heading down towards 760 ?
2nd April we would probably get the answer. May be it hit 815 and turn down, if not break 833 to hit a new high, e.g. 850 before turning down to retest March 6 low.
Conventional wisdom has it that 50% retracement at 750 would be tested before another leg of the rally. I.e. Traders believe the current rally has not ended.
However in view of GM bankruptcy overhanging, John Mack's outlook, uncertainty over FFIP. Fed stress test at end of April. And of course G20 outcome. Uncertainty is for sure.
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