You know I love these guys and they see 1150 by end of the year, these are the guys at the top steps of the option pits Gotta love that testoserone. I say we see 1100 area by end of the week, will we get some retracement? I am sure we might, but on dip right now I am adding longs.
We are awaiting some key earnings after the bell on PCLN and FLR
GLTA
What a ride up 
Jack here:
Well, we have arrived very quickly at the moment of truth for this latest phase of the rally, and we may know today which way this is going to resolve. At the time of writing the SPX futures are up over 10.
On the bear side we may be putting in an RS on an H&S pattern. Here is a view of how that may look from my friend alphahorn:
It is the height of the shoulders which is of most importance on the H&S patterns, even when the neckline is sloping as this one is. In my view a break over 1090 would probably invalidate this pattern
In support of the bear side here we have the SPX, which has broken back through the expanded wedge lower channel last week and is now testing the lower channel of the main rally trendline at 1079. This is key resistance. If broken then there is little further resistance below the previous high and the rising wedge upper trendline at 1101:
http://www.screencast.com/users/springheel_jack/folders/09Q4/media/0623d4e2-8651-41e7-851a-cf4db863699b
There is also a key support coming up on USD at 75, which is the broken rally trendline:
On the bull side we have the Dow, which has broken no significant trendlines, and looks mid-way towards the upper expanding wedge trendline at about 10300:
Also on the bull side we have the Vix, which also looks mid-way towards the expanding wedge lower trendline, which will be at about 18 if and when it is reached:
This is very much the moment of truth. If SPX and USD break through resistance, we are likely to reach the other side of all of these expanding wedge trendlines. On the plus side, that will set up an amazing short opportunity when we get there.
