After breakout from a 4-day balance area, the S&P's have 1-timeframed higher for the last 2 sessions. Wed left a poor high - suggesting the market is too long. 1457 is also the low of the upper distribution from 10/5/12 - a day that also left a poor high. Coming into this morning - the overnight inventory is short. The first sign of change to the short term trend will occur if we find acceptance below the afternoon pull back Low of 1451.25. So, my early references as I start the trading day are yesterday's high (1457.75) and the pull back Low. Price acceptance above y'day's high targets the naked POC at 1462 and above that the multi-month highs at 1466-68. Wednesday's POC was very prominent - any opening away from the POC has good odds of returning to that level. The risk of being Long remains high.
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