Big Day for the Bulls. Can They Continue?

Opening push is impressive, but charts suggest "brake tap."

Technical Edge — 

• NYSE Breadth: 85% Upside Volume 

  • Nasdaq Breadth: 85%

• Advance/Decline: 79.99% Advance

• VIX: ~$19

Can we consider yesterday an “80/80” day, where NYSE breadth and Advancers both topped 80%? I don’t know. You technically could, but it won’t really matter unless we get another 80/80 day today. 

Speaking of which, equities are trying to push higher in the early go. If we’re lucky, we’ll get off another round of trims in tech and look to play the evolving range in the S&P. Remember, jobless claims and GDP readings are out at 8:30 ET. 

We have a nice push going on, but there are some upside targets to consider for longs — especially the Russell.

S&P 500 — ES 

Bulls continue to boost the ES and are doing so again in Globex as we clear last week’s high. 

• Key Pivot: ~4060

• Upside Levels: 4074 (weekly-up), 4090, 4115-20

• Downside levels: 4060, 4040-45, 4032, 4020

SPY

Going weekly-up in the pre-market. Let’s see if it can hold above it (at ~$402.50)…