All the longs can now take a deep breath for the markets are in a full fledge melt up. The close will determine our strength.
Considering, an oversold condition, the vix hitting 30 yesterday, and oil weak in the knees we may get a really nice rally short term.
The key to determining our strength is the S&P. We need a close above 1231. The next levels to break would be 1240-44, and then we could probably assume a close above 1244 would yield a rally up to 1280ish. With a few successive closes above 1275-1281 we could look for the 1310-1325 level.
Good luck to all longs,
by GW
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