I had made a comment in the intraday chat room late yesterday that the SPX feels like a beach ball being held underwater and that the force holding down will be released overnight. Sure enough, we will start the day with a gap up in the S&P 500. I favor the corrective structure from the May 14th high to the low yesterday being complete and now in the early stages of a thrust up that should easily surpass that high in early June. Short term, there will be some resistance at 2704 SPX that will need to be overcome but think the overhead gap at 2721 SPX will draw price toward it.
You must be logged in as a Daily Analysis or Intraday Analysis subscriber to view the rest of this post.