By Lawrence G. McMillan, MarketWatch
AFP via Getty Images
The broad market, as measured by the S&P 500 index, finally closed the gap on the island reversal (circled on the accompanying chart) after struggling at the 3185 area for several days.
But now the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.83% has run into the next resistance level at 3235 — the highs for this post-March rally to date. It was rebuffed from that area on two of the last three days, so that is now the next resistance level.