S&P futures rallied right up to resistance this afternoon. The bulls have some heavy lifting to do, but did a good job of keeping a bid under the market today. The futures just closed at about 1316... and normally when we see the futures close near the HOD, we see some follow through in the night session. 1320ish is the next level up for potential resistance, assuming the bulls can hold onto the 1314 level.
In the short term (1-2days), we have a few technical indicators starting to look ripe for selling. In the medium to longer term (1 week-2months), we are set up pretty well for more upside. I'm guessing the action will continue to be sensitive to news flow as the bulls and bears battle it out.
