Can it hold?

Yesterday was an interesting day as some reality hit the market after the FOMC minutes were released stating that recovery could take 5-7 years. This propelled the tick to the downside and we had numerous minus ticks as the market took out the lows. We did however close above the 1090 level which was noteworthy for the bulls. This market is at an important level as we will see if the news and expiration influences in the next two trading days can propel this market to close above the 1100 area or higher. It will be tough however as the market is over extended as we have moved upward 100 S&P points very quickly, we are also hovering at the 55 day moving average which is also important and the resistance at 1100 seems to be very strong as we have made a lower high in the globex at 1098.50. The daily CCT stands at -159, and as this is still oversold the market needs a healthy correction in the neighborhood of 20-30 points minimum. Be careful the next two trading days!