As indicated on Friday, the S&P found support on the daily 20 moving average around 1184, nicely bouncing from there retracing 50% to 1197.52
On the 60 minute chart, the S&P has resistance on the 20 & 50 moving averages, but oscillators on this time frame remain bullish.
On the daily chart oscillators remain bearish.
Citibank reported positive earnings, along with market comments that Friday's sell off due to GS was overdone helped change the market's sentiment.
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