Next One...

Today is probably a day to stay very cautious about this market, and we are also headed up yet again. The magic 1,150 number is going to be violated today, making 1,150 the new floor on the market for now. If I had to call the next over head resistance I would say 1,228, which is the 61.8% fibo number. I think 1,228 is an aggressive target for this year, but as we all know anything is possible.

As the market continues to push higher Deltas are getting shorter, one thing that I’m doing this morning is waiting to adjust. I’m waiting for consumer sentiment and to see if the gap traders can push this lower with some momentum that can hold for the whole day. I know that sounds like speculating, but I will only wait until about 9am central. After that I will adjust and cut Deltas.