Watching $SPX 1104 and a regain of 1100.. should be some testing today.

 

Good morning. The bull run, the bounce, what ever you want to call it continued yesterday, putting in another thrust day and projecting prices even higher.   We should drift higher from here.

Quote of the day:
We are the people our parents warned us about. – Jimmy Buffett

 

Chart

Score

 Day-1

Change

40 DPI

+6

+2

+4

52 WNH

+6

+4

+2

10 DHL

+6

+4

+2

Total

+18

+10

+8

 

The breadth charts went back to full bull mode after a break back down on Monday.  Wednesday is typically a very busy OPEX day and you can expect some OPEX weirdness.  Tuesday setup as a trend up day early, was tested a couple of times, but not seriously.

 

Not really much to say about the charts, they all improved and the 40 DPI is setup to keep us in the longer term trend. 

 

 

$SPX chart:

The price charts are in a 30 point SPX trading range as we trend up.  That is the nature of trending charts as the lower range lags.  Psych 1100 number will be in play today.  A close or even prints above 1104 today would show continued progress for the bulls.  As I write we have a 4 point $SPX gap which would open up right near 1097.   I don’t expect a trend day today and do expect us to be red some time today. 

 

We don’t want 1089 broken as there is an air gap in there that we really don’t want to fill with a bunch of support.  We also have 1092 as support on the downside as well as 1094.  If we gap open an run I will be looking for some weakness to possible short for a morning ride down and then will look for an afternoon rally to retrace the candle to a green close, but I will take it as it comes today..   I expect to close another green candle today so anything bought below yesterday’s close should turn into profit.

 

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