The S&P 500 (CME:SPM14)had a tremendous session yesterday showing the best session in five weeks as the S&P traded to a high of 1866.50.
Although the market ran through new highs of the week and our three star resistance at 1861.75 but has been in check by the major 1866-67.75 level that we have seen time and time again. With the FOMC Minutes coming over more dovish than anticipated it has provided additional support to the market and furthermore may take some emphasis away from poor data.
Look for a close above what has returned as our three star resistance at 1866-67.75 to signal a test to recent swing highs. Second resistance will come in at 1874.75-1876.75. Earnings have been mixed so far and traders and investors alike will focus on Initial Jobless Claims as well as a 30 Year Bond Auction. Look for support to come in at 1856.-57.75 and a close below here will encourage a consolidation.