Short-Term Risk-Reward Unfavorable

While the market still looks good from an intermediate-term perspective, a short-term pullback could be coming soon. As of 3:15 p.m. EDT, the resistance charts shown this morning are still in play (see updated cutout below). Our top buy candidates do not have favorable risk-reward ratios relative to their 60-minute charts. We either need a pullback or a decisive move higher. Current trends are strong, but until we move decisively above 1,375 on the S&P 500, we will respect overhead resistance.