10:52 AM CT - I've added the operate yesteryear nautical chart to exhibit how we've broken inward a higher house the overnight highs on enterprise buying volume, propelled yesteryear the intermarket activity (weak USD, potent commodities). We require to rest inward a higher house those overnight highs together with encounter continued cyberspace book at offering vs. bid to sustain the marketplace rally.
Note the upside breakout inward pre-opening merchandise inward the ES futures (above). Since that time, nosotros pulled back, only bounced dorsum inward a higher house VWAP despite tepid European Union back upwardly for Greece. We encounter a stronger euro together with Aussie dollar; nosotros likewise encounter stone oil together with gilt higher. That tells us that intermarket themes are supporting higher stock prices--and it puts us short-term bullish every bit long every bit nosotros tally inward a higher house the 1080 surface area of recent support. Bigger painting exhibit resistance is inward the depression 1100 region.
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