SPY is in Neutral territory

SPY has some further upside after today's rally. The key resistance to break to head towards the 90s is a region between 85.5 to 87.5. So to go short, look for failure of a test of resistance in that region.

To be ultra bearish would require SPY 80 to be broken.


The transports, oil majors and the tech sector led the rally today. Financials are currently in consolidation mode. I think the transports hava some room to go higher now that UPS has reported reasonable earnings. I would also watch the Rails to rally further.

Watchlist:
GS, BNI, UNP, AAPL, XOM, CVX, OIH