I'm again seeing talk across the web of sp'1365/80 in the coming days. It will be important for the bears to stop this latest micro-rally today. Bears should look for the VIX to close in the 21s, for a clue as to tomorrows action.
GDP: Q1 (second revision): 1.9%
Jobless claims: 386k
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sp'60min, H/S formation
Summary
Bears will most certainly want to see the current 2 day rally come to a firm halt today. A close above the resistance zone sp'1335/40 would in my view seriously wreck the overall bearish outlook.
As I've noted throughout June, how we close the month is very important. A Friday close of sp<1305 would be VERY much preferred.
Good wishes for Thursday trading