Rotation seems to be the workings these days. We have divergence between #NDX and #SPX, one day #NDX is strong, one day #SPX is strong. Why does it not rally together? Lack of money in the market?
With yesterday's closing, bulls seem to be more in charge. 11920-32 is my blue bias zone for today and price just bounced off it and is above. I still have the longer term downside bias below 12080 but as my heading says, bulls has an upper hand.
If 12050/80 trade, bears will really need a strong rejection and it might signal an end of the bulls. If not 12126 is above. 12248 will likely cap high of day, signifying low risk sell level.
Below the blue zone, I will expect stronger selling to happen. Below targets are 11902, 11860, 11828, 11796, 11734. 11702 should cap low of day. 11656 is provded just for reference.