Good morning traders. Strong up move in the European and Asian markets overnight has S&P futures trading up about 1%. Today I am going to be focused on the descending trend line in the market which is now around 119.60. If the market is able to hold above this trend line, we could see new 52-week highs in the medium term. Given this gap I am going to be looking for some sort of gap fill or consolidation. Unless I see a very clear momentum setup in a specific stock I will not be aggressively long on the open.   If we do consolidate at these prices a rally to at least to 120 SPY is very possible.
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SPY Levels
121
120
119.60
118.65