Second strong up day

7/30/08

I am so right that S&P did ignite the rally at the exact my previous support target zone 1135-1140. What a over 400 points Dow turnaround in 2 days!! This is how the chart telling me. Tomorrow, it will be little tricky. I need to see how the market opening level to determine if there still has legs to go one more day and break the 11700-11750 area for the Dow, 1192-1195 for the S&P. Especially, XLF financial index form a doji star today. It means no decision. In order to carry forward the market rally, XLF has to break the 22.68-23 resistance zone. Tomorrow morning, GDP will be announced but I expect it will not affect the market too much. The most important factor still behind the financial. Not economic data or crude oil future price. Another factor behind the market staying mode is institutional core holdings. The institutional index is approaching double resistance on daily basis( It is so secret that cannot show here ). So, this week movement would determine if S&P carry over 1300 into 1325 (Target of this intermediate rally end).