S&P 1150, highlighted earlier this morning has proven to be an intraday launching pad for the S&P 500, with a 15 point jump as the index is now at 1165. This takes us to whiskers away from the 50 day moving average which as I wrote in the weekly summary was the top end of this massive range (1110 at the bottom, 1165 at the top).
The next 10 S&P points are very important to this set of eyes. If we break right through 1165 and then 1175, both the 50 and 20 day moving averages will be penetrated and that whole mess last week will once again just have been a dream... it never happened. ;)
Once more, this is being done on non impressive volume.... back to normal.
(aggressive traders can lean against the market here with very obvious stop out levels just above)