Yesterday saw a nice bounce off 511, overnight has maintained the high from yesterday so today we’re looking for that 516 area to hold and what could appear to be a short cup and handle to breakout. Bulls want 520, Bears want to push below 516. Not a complicated trade today based on the overnight trading. Watch internals because if bulls want 520 they’re going to have to attract buyers in this area. Also note FOMC is next week.

1) Above 516.35 overnight low area target 517.40, 518.22 prior ATH monitor for continuation to 520
2) Chop zone between 516 and 517.40 area
3) Below 516 target 515, 514, 513. If price breaks below that it’s 511 easy and coming into trendline

William Wallace