2/11/2014

Another day of large gains on Tuesday as the market gained around 1%. 1815 was swiftly taken out by lunch time and we saw a top at 1823. It seems like a weird place to get stuck, and unfortunately for currently-bullish traders, there looks to only be real support 23 points away at 1800

We didn't see a lower open today - in fact, we opened a couple points above 1800 if I recall correctly. The hourly cycle appeared as though it was rolling over at the close. The daily chart doesn't look as overbought, but I think we can expect the next continuation pattern to form relatively soon.

The market really had some power today, so upside is likely to continue. If Wednesday continues to keep the candles green, then there should be a push to 1830-ish seeing as we already broke the low from mid January.

S&P 500 Hourly Chart

S&P 500 Daily Chart