Decisive breakout

Yesterdays trend up day was a decisive breakout to the upside for the bulls as the market blew through resistance and closed on the highs above the 50 and 55 day moving averages which are closely watched by some traders. The next two days will be interesting as we head into the holiday environment which typically brings lower volume and participation by the institutions. However, with the big news items today and tomorrow they might stick around. We will have to try and identify early on whether the institutions and the manipulators (PPT) are in, or if indeed they are on vacation and waiting for next week to initiate new positions. We have resistance from 1085-1090 and then up at the all important 1100 level on the S&P futures. We should see a higher high today following the trend up day yesterday. The daily CCT is just shy of the 2010 high reading and now stands at +212 for the short term.