Good morning. Futures are sp+3pts, that would take us to around 1322. That is marginally above the down channel, and will be around the daily 10MA. Its not looking so good for those short.
The down channel has endured for 16 days across all indexes (except the Dow*). The futures are suggesting a little gap outside at the open, what will matter is how we close.
Key levels today would be a close over 1325. Certainly, a close over 1330 would be outright bullish into the long holiday weekend. Many posters have noted the historical trend that the market will rally into Memorial day, and keep going for a week or two into early June.
*The Dow'30 index faked out many on Tuesday with the break outside the down channel, and did a fake out yesterday also - making a slightly lower low intra-day. Again, its a good reminder that this 30 stock index is largely to be ignored when trying to figure out if 'something' is occurring.
Good wishes for Thursday trading
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