In Globex the futures indices have reversed yesterday’s late decline and are trading at or above yesterday’s highs. The YM is trading at another all-time high and the ES is right at yesterday’s high. The trading world’s Most Widely Anticipated Event, du jour – the S&P cash taking out it’s 2007 all-time print high (1576.09), may FINALLY occur. Don’t fade this market without an objective signal in at least the shorter term time frames that there may be a change in trend.

If the S&P/ES, Dow/YM and Naz 100/ENQ ramp higher in the short-term, watch the 943-948 KRA (Key Reference Area) in the TF. If the present rally is going to really have legs, the Russ 2000/TF has to participate and that level must be exceeded to confirm another significant bull leg to the upside is underway.

More analysis here.