Calm Down

It was a great day to be long on Wednesday as we gapped up and ranaway with it not even filling. Closing in the 870 area is a nice sign but we still have plenty of resistance overhead. So don't fall in love with the upside. I do think this can be the start of a nice extended move higher that may even get us to the 1000 SPX finally.

For Thursday, the pivot is at 867.50. We are trading a bit below that currently overnight so if we open above it then I would take pullbacks to the pivot as longs. If we get over the 880 level then I can see some serious short covering push us into 900. Its going to be key as to where we open up in relation to the pivot. Today was a serious rally and I dont think it pulls back quite yet.

If we do however manage to fail at the pivot and fall then I would take retracements into that pivot as shorts. Should be an interesting day in which I think the rally continues but who knows.