Wow! Rally!
A good rally this morning in S&Ps thanks to some strong institutional buying. High of the session thus far is 1230, in the midst of a resistance zone at 1229.50 to 1231.50. Currently S&Ps are trading at 1225.50.
If we can make it above the high for the day, the next target would be 1235. Earlier in the session, the market had struggled a bit around the 1220 region, but found support in the lower levels.
NASDAQ is trading at 1726, off the high of 1746. On the upside, above the high of the day, the next target is 1790.