I'm looking for a pull back to 1211. There are 2 scenarios could come to play:
1) Continuation: S&P500 could continue to move higher with out any pull back; it could take out the 1228 resistance level and shoots higher. I give 10%chance to this scenario.
2) "U" shape move: market could tanks to 1211 then by end of the day, S&P500 rallies hard and gets above 1221.53 it would be very positive. I give 80% chance to this scenario.
Please note there is 10% chance that S&P500 breaks 1204 support level. if S&P500 violates 1204 it mean last 2 days move was just a short-squeeze.
These are Supports and Resistance levels:
R1:1228 (MAJOR)
R2: 1232
S1:1211
S2:1204 (MAJOR)
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