After bouncing off the 200 day moving average this morning, not only has the S&P 500 filled it's morning gap but now is up half a percent – this is an intraday turnaround of ~1.5%. The 1404 level, which has been a magnet for almost all of 2012, continues to be a key level as it seemed to suck up the S&P 500 to it, and we now see the index slightly above it. Obama didn't say anything out of the ordinary other than it sounds like we're headed for another kick the can moment, which the market seems to be pleased with.
For those of bullish persuasion, today's action was fine in the context of continuing to build a "right shoulder" in an inverse head and shoulders formation. Getting over the 1410 level is the next step for a continued move.
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