I talked about how important last Thursday low is to the market. That intraday was accompanied by a tens of millions dollars in a put order. We never can tell for sure if those massive orders are buyers or sellers. I made the connection that it was a bullish short put position, simply because the market rocketed up immediately after the order filled. 

If you look at an hourly chart of the SPY or ES futures since then, you can very clearly and explicitly see how important that level is. Many, many attempts to crack below it, all failed. 

Just to my mind this all confirms what I have been saying; bulls are in control and the bears appear to have blown their opportunity last week to rest control. Last Thursday low still important! 

Thanks,

Joe

PS-Recently I opened up a new program that I have been working on for the past few years. At a key point, I tweaked the formula and this thing has been absolutely on fire. If you want to see the trades it is kicking out, click here.