July 20 Market Recap - Strong rally day

Strong rebound today from the lows at open (roughly +250pts). Below is the long range chart of SPX (1hr), see how the resistance has played out in the past (since the April highs) It would be critical for the index to break over this line for any hope of a continuation. Beyond it are the daily MA(50) and 1100 (red line) then the MA(200). But we'll see when we get there, although if we cannot then we're back to looking at the abyss. Watch for the resistance tomorrow, it is too near to not be tested, might be a good shorting opportunity.