Swing High

The markets rallied hard today on good Jobless Claims data and other positive Economic Reports. The TICK was bullish most of the day. The TRIN was not corroborating the move, but fell in line with the bullish sentiment at the end of the session. The VIX bled out nicely, down 8.3%.

The markets should remain bullish for this up leg. We can mark a higher swing low at the $103.5 area on SPY. Expect major resistance and most likely a lower swing high at the 108 area on SPY. The IWM is back above the confirmation line of the double top formation. I need to see a lower swing high on IWM in order to remain bearish on it.

Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.

~Jason

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