Morning folks. After yesterdays late day rebound and google’s earnings market is gapping up with the SPY trading up 1.2%. Yesterday we had our first test of weakness and the market rebounded end of day for a nice run. With a higher open today we will be testing the top of the range again. If we can break that 1220 zone that could set us up for another move in the s&p. As of now I will be using yesterdays lows in the s&p as my first level of support if market has an opening gap reversal with the 50dma as 2nd level of support. We have a slow news cycle today with only a couple economic reports we have
* The Import Price Index and Advanced Retail Sales are due at 8:30 a.m. EST.
* The U of M Confidence Index is set to report at 9:55 a.m.
