The S&P 500 Index (SPX) held the level everyone was watching and tweeting at 2400. Then it cleared the Twitter resistance level at 2450. Now, traders are tweeting 2500 as the next stop.
Not only did SPX hold above support, it held above its uptrending sentiment line. This indicates we should continue to rally (probably to 2500 before a pause).
The count of bullish stocks on Twitter has suffered lately, but made a strong move higher this week as SPX rallied. This is a good sign that the consolidation is over and buyers are once again enthusiastic.
Conclusion
Support, sentiment, and breadth all held critical levels during the last dip. Now, we should rally for a while.
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