The bulls clearly ran past the initial point of overhead supply of 1300 on the S&P 500 this morning, and that commands respect from stubborn bears trying to talk this market down. A consequence of the sloppy trading range that we saw in late February through the early part of this month is that the general 1300-1330 area is likely to act as an onion of resistance, with various layers waiting behind each one we pull back in the short-term.
For now, though, the key is watching 1300 turn into newfound support again, after the past few days of action just beneath the surface.
