The S&P's are up based on news out of Europe - the market continues to be headline driven. Yesterday was an Inside Day. As of now we are trading into the Gap above July 23. The Top of the Gap is 1357 - which is resistance. The ideal Short would be a failure to auction higher at the 1357 level. The overnite inventory is balanced however there are still a lot of shorts in this market. If we stay up here - it will pressure the shorts further. On the downside the 1346-47 area is support. The ideal Long would be a failure to fill the Gap below. Large Gaps such as these are seldom filled the same day.
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