The market opened with a gap up and the bulls kept it going for a 20+ point gain, closing at 1115.23
Right now the market is at a major inflection point where the buyers and sellers will be watching their next move.
We have the 200 day moving average at 1108.50, the 38.2% Fibonacci Retracement from May and June lows and Resistance level around 1105-1108
If buyers exceed sellers and push the price above 1110, we will most likely have a short squeeze as sellers will run to cover their shorts, on the other hand if sellers exceed the buyers and push the price below 1110, the buyers stops that were expecting a breakout above 1110 will trigger and help push the index down.
Major Support is at 1040 and Resistance at 1150
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