, the S&P broke out from the May congestion pattern and rallied directly into the area of January high. This is bullish but the market is short-term overbought so we should expect some sorts of pullback consolidation over the next couple of days. Immediate resistance is about 950. A sustain close above that level is a positive sign going forward and will raise the odds for a test of the important sentiment 1000 level.

標普突破了5月份的整理區間並直接上攻至1月高點區域。這一走勢是有利的，但市場短期內已經超買，因此我們預計未來兩天應該會出現一定的回調整理行情。緊鄰阻力位大約在950點，有效站上這一位置將是一個有利信號並增加測試1000點心理大關的概率。

Tuesday bullish trading action had helped setting the stage for a test of 950 in the S&P 500 index. Although the rally seems a little overextended in a short-term basis so it wouldn’t surprise us to see some sorts of consolidation over the next couple of days.

週二的大漲為標普500指數測試950點打下了基礎。不過短期來看指數有些超漲，因此未來兩天出現一定的整理行情是不足為奇的。

the closely watched 880 level in the S&P 500 index is the line in the sand so keep that level in mind as we’re heading into the holiday-shortened trading week. What this means is that the key test will be the reaction of any price dip below 880. A rebound from that level continues the rally while a sustain decline below it would be a definite breakdown in the stock market.