So here is where we stand... there was a gap up over the 200 day moving average this morning and we will eventually need to come down and fill that gap. We are over S&P 1100 which has been an incredibly important pivot point and in the snap of a finger we went from the precipice of breaking down on the S&P 500 (breaking 1040) to technical conditions doing a 180. That said, the S&P has rallied well over 5% in just 3 days... extrapolated this would be a 250%+ annual pace of gain. So we should be overbought very soon and prone to a pullback. The news today when viewed in a vacuum is actually not good - the report that covers 80% of the economy degraded, whereas we celebrated a report Wednesday (ISM Manufacturing) that covers about 12% of the economy for improving. The labor force expanded, but still nowhere near a level that even keeps up with population. All that has happened is expectations have been so low, we were able to beat those figures.
As I typed this the market broke back below 1100 but as long as 1092 holds things are still to the side of the bulls for now. I would be shocked to see a big intraday reversal with the holiday approaching.
Looking ahead to next week, we have Magical