A quick reversal off of that 809-813 SPX level this week led to a test of 782. A gap breakout over last weeks/months high, has turned the charts into bull mode. Heck we are a short 9.5% away from the 200 day at 911. Remembering some of Prof. Coopers work, 911 SPX is a big number.
With this in mind, huge good news, breadth, trend, the market will give us a "bait and switch" move to leave us in doubt. My guess is a break of 782 SPX, with a quick flush reversal. VIX staying above that 40 handle until jobs number tomorrow.
Time to play ball, but don't swing at the first pitch. I think we let this first one go by, and wait for that 2-1 fastball to rip up the middle.
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