That's More Like It...

It was only a few short hours ago that I wrote that I felt the market was forming a double bottom... and now that is actually in place. The SPX successfully defended the 1175 closing support level. Coupled with the fact that it is expiry week, I expect the market to head upwards now toward the 1,200 strike (the open interest of the 1,200 calls + puts strikes exceeds 100,000 contracts).

The bulls should have a lot of running room now heading into the Fed meeting on Nov. 1st. The SPX index might have already taken the bears' best shot for the quarter. 1203-05 is the immediate overhead resistance in the index. Technology shares should do well.