The market has been flip flopping around S&P 1070 a lot the past 2 days. That used to be a quite solid pivot point to work from because S&P 1070 has been very close to Dow 10,000 much of the past few months. However the Dow has outperformed the S&P 500 and over time Dow 10,000 has now become more like S&P 1060. Which has become the floor/pivot point the last 2 days... the hats come through for the bulls.
With that I covered a good portion of the TNA short I put on late Friday for a small loss with Apple looming ahead. There is upside for a move up to 1090ish where one would try this trade again.
This has been one sneaky 2 day rally, helping to erase the big losses from last Friday.
S&P 1060 is the new S&P 1070 ....
.... because Dow 10,000 = Dow 10,000.