The chart shows the price action over the last three days with price set for a large pop at the opening bell to start the week. The black lines show the positive divergence that creates the upside bounce. The green lines show the key support and resistance levels moving forward; 1188, 1183, 1181, 1178, 1173, 1166, 1163, 1155. SPX 1173 is key resistance overhead which opens the door for a further upward thrust which appears to be on tap. Thus, 1173 giving way leads to testing 1178, then 1181. A strong resistance cluster exists at 1181-1188 so that is a tough ceiling for price to more up thru.The markets sold off into Friday's close but the utilities sector remained bullish. The bounce today will also further help to bring the NYAD, NYMO, CPC and TRIN charts back in line as discussed late last week. The markets will remain violent since the VIX remains elevated so a bounce in the indexes is nothing to get excited about. Oddly, the futures started their upward rise last night on the news that the IMF is in financing discussions with Italy to help solve the Euro woes, but, the IMF rebuked the rumor and said it is not true. Nevertheless, the futures head up even higher.
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