It was one way traffic at the markets today as the bulls really manhandled the bears. Early in the trading session, the market broke through the multi-month trading range, taking control of 1130 in S&P and 2325 at Nasdaq. These important resistance levels will become support now. Let's have a look at the index charts.
S&P - The next resistance should be 1150 with 1130 as support. Some consolidation would count as healthy over here.
Nasdaq - Took out the 2325 level, whose importance I have pointed out many times before here, so I won't go into it again.
Russel 2000 - Unlike the above two indices, still to break out of its multi-month trading range. Nonetheless, a big move up today and it finds itself right at the top of the trading range.
Another chart that I would like to point out here is XLF - Financial sectors ETF. It still finds itself stuck in the trading range. Keep an eye on the 15 level tomorrow. In my opinion, if the market has to continue its impressive run up, it is imperative that the financials break out of this trading range.
Personally, I entered MIPS at 8.40. A lot of setups presented in the watchlist yesterday did very well today and I hope they were of some use to your readers!
Take care and good luck!