Not counting overnight or pre-market action, here is where we stand with the market.
The S&P 500 ran into the zone highlighted last weekend, and while initially rejecting this area, the market closed strong on Thursday. The 50 day moving average is also in play here, as the last 3 days have traded back and forth through this key level.
The next level to watch on the upside will be the 200 day moving average. We are pretty overbought on the short term, so I will be watching for a retracement before we get moving to that big barometer. If the bulls have one more gasp in them, we could get there before a pullback, but be careful getting biased as we are in earnings season, which means there are wild cards in play here.
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