Holding support

The S&P tested a support area this morning at 1086.25 and bounced three points as of this writing. The support at these levels of 1070-1080 needs to hold to confirm a move higher for the bulls is in the cards. If we close below 1080 this would be a negative sign for the bulls as the market could go lower if that happens. The daily CCT is at +216 as we did register some minus readings yesterday including a tick reading in excess of -1200. We will watch to see if asset allocation is present today as the 30-Year bonds might give us a sign that this market may be going higher in the coming days. We have some resistance around the 1110-1115 area on the S&P futures.