A busy day is ahead. We have Bernanke talking to the Senate Banking Committee at 10am, and that will probably last until midday. We've 3 pieces of key econ-data, all of which will give the market an excuse to move.
Futures are currently showing sp +5pts, so, we are set to open 1358- which is a touch above yesterdays high.
sp'60min
The hourly index charts are all showing bullish pennants. I only noticed them in the closing hour yesterday, but its one reason why I'm not surprised at what look to be moderate gains. Max' upside for today looks to be sp'1370 (upper channel line). I'd think we're far more likely to get stuck around 1365/67.
sp, daily5
Summary
So, is the top to be put in today? That is very difficult to say, but if we get stuck in the 1365/70 zone, I'll be very tempted to launch a re-short. My near term outlook remains bearish for the end of July and into August, so I'm definately seeking to jump aboard.
Benny will doubtless get blanket coverage on the clown networks all morning. Mr Market will be pretty fixacted on every word, look for a move after he has ceased talking.
Good wishes for.Bernanke trading day!