Short term price action was bullish overnight coming into Wednesday trade. Specifically prices were lower overnight down about 7 SPY points, a pretty large decline. This decline saw the futures take out that all important low we discussed that formed last Thursday. That penetration lasted a matter of minutes before it aggressively V shaped higher. From there it went on to make new highs during the day session on Wednesday. Can’t act much better, and I think that should keep the market well supported for SPY for a move above 572 in the SPY. Dips should be well supported and shallow. Unless we have an event that catches the market completely off guard, its not ready to retrace. 

Thanks,

Joe