SPX Still in Correction Mode

FX:SPX500   S&P 500 Index
99 0
SPX500 enjoyed a nice pop during the Asian session as a couple of uncertainties have been "resolved." Iran has "officially" rejoined the oil market as a supplier, and China has reported their GDP figures.

As far as I can tell, there is no positive news beyond resolution of uncertainty. The jury is still out on what the actual impact of the "new" supply from Iran will be, and China's report was lackluster - 6.8% growth vs. an expectation of 6.9%, and a 2015 figure of 6.9 - a 25-year low.

Calls for an end in the downturn can already be heard, but the daily chart for SPX500 shows that the uncertainty is far from being resolved.
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