Here's our updated quantitative views as of 3PM pricing:
The immediate term TRADE breakout line for the SP500 is at 923. A close above that gets me 939. With the prior YTD closing high being the dummy target up at 946, there is no reason why we can't see that 939 print sometime tomorrow morning (remember, I think that employment report is going to be a sequential improvement, so I have a catalyst).
This morning's Bullish to Bearish sentiment survey showed some compression in the spread between bulls and bears. That, on balance, is a bullish indicator. Be rest assured that there are still plenty of Depressionista bears out there getting mauled. Stay long short interest.
Keith R. McCullough
Chief Executive Officer