Busting Out

The SP500 busted through the 1106 level and closed at 1115.23 today. The following list of the sector ETF show how broad and strong today’s market rally was. Every sector on the list is green with technology and energy lead the charge.



Although it appears the recent down trend might have ended, but cautions still need to be exercise until the SP500 tested the 1106 level for support. The near term target level is 1170, and the levels I will be monitoring closely are 1106 for support, 1120 & 1140 (62% & 78% FIB retracemnt/50 SMA) for potential resistance (see ‘Double Bottom Scenario’ for details.)