quantguy
Long

S&P to Retrace

AMEX:SPY   SPDR S&P 500
Following the strong bearish momentum from yesterday's ECB QE report, non farm payrolls came out positive, clearing way for the S&P             to return to its former bullish rally. Even further, oil             is expected to drop below $40 a barrel (finally), which is icing on the cake at this point.

The technicals are behind us. Note that the OBV has increased sharply from yesterday, indicating increased buying pressure. At the time of this writing the MACD is headed for a crossover, and the RSI has increased steeply. There is also a huge gap between the ichimoku cloud of resistance and our current price which usually suggests a propensity to close this gap.

Note the large vacuum area between the current price and 208.35, which makes it ripe for a profit target. Expect some retracement after such a strong bull move from open.
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