The week that was:
As you can see for Monday we were basically range bound where the top was inhibited seemingly by the QR2 on IWM. Action then descended into the lunch hour where the SPY bottomed in the confluence between the -27.2 of the November low and the YR1, while the IWM bottomed at the 23.6 of the December 31st low, at the same time FAS was forming a bottom at the day's open. All different time frames or level types, but hit them all at the same time. After that, the day became a trend day finishing at the highs.
Here's what I was looking at when it bottomed today:
As you can see, there are bullish hammers at the bottom in the IWM and SPY. In FAS it was a bullish engulfing. It's noteworthy that really good trades show up in somnolent days and often at lunchtime.
Tuesday in the pre-market we eclipsed the highs for the year in the SPY and the DIA...Europe was up BIG! and stayed that way. The Dow hit an all time nominal high. What more is there to say, onward and upward, although, some pullback here might be expected. Same thing happened at lunch-time today also, finnies IWM and SPY bottomed. There is now significant support at the 153.70-153.90 area.