Squawk Morning Briefing: Decision Area

13,171 has been on our radar for months. A positive reaction to Friday’s BLS report brought us within spitting distance of the important level. Meanwhile, the move up from November lows seems to be running out of momentum. We still don’t have anything to hang our hat on to suggest that the index’s October high will hold, but we continue to expect that the decision will be made somewhere near 13,171. Running out of gas near current levels would set the stage for further declines. Above 13,171 wouldn’t necessarily mean taking out October highs. However, if support were established near here or if momentum picks up on any further move up then it would signal the greater likelihood of an upside resolution.

More details in today’s videos. This remains a place to pay close attention.

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