Surging

The bulls are running this morning, with the Nasdaq Composite Index up just over 2%, and the S&P 500 up nearly 1.5%, at the time of this writing. Over the past few days, the key issue was that we saw the low end of the trading range on the S&P hold. Moreover, we have seen a bevy of individual issues setting up for proper breakouts. Indeed, the bulls defended 1300 on the S&P valiantly, and now they are reaping the benefits. Given the close proximity of the parameters of our range, we are already back towards the higher end. As the trading session progresses, we are looking to see if the bears are able to defend that 1332 level once again. We closed slightly above it a few weeks ago to no avail, so it would behoove you to wait for confirmation before declaring a major breakout.