The market has given us two monster gap higher opens in a row. Those who have been short the last couple of days surely must be feeling as though pistol-whipped. Meanwhile, short-term traders who came into today long must have itchy fingers, ready to hit that sell button to lock in profits. Look at the daily chart of the SPX below. There are two descending lines. The shorter, steeper line is where I’m guessing those itchy fingers will start going to the button. If the market gets over the longer line, bears will probably flip the panic switch.

http://www.youtube.com/watch?v=AG8fugqFn9Q

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