By John Pisanchik

Today was a significant rally that may have reversed the market. It was significantly stronger than expected and at this point there are 2 likely directions for the market. The first is that the market is not going up or down in any real way and is in a trading range. That trading range is a large one with 885 on the bottom and 950 on the top side. The second option is that the rally will continue and the next leg will begin. This will be more the case if the S&P Cash Index trades and stays above the 955 level. If that occurs, we should start trending higher.

In this market, expect the unexpected. Happy Trading.

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