Its been a weird day to say the least, the market has shown little incentive to rally after its impressive open, instead it is doing anything it can in its power to push below the 1227 level on the S&P. So far it is holding the level, but with the end of day trading now in full swing, I’m not going to rule anything out from the realm of possibilities.
I do think it is worth noting that we broke out of a nicely formed wedge on the S&P e-mini futures, which is definitely a positive catalyst for the markets, but if we close below 1227, then all bets are off.
