based upon recent trading action, the S&P 500 index is trying to breakout from the 2-month trading range and all it needs is a right catalyst. On the technical side, the bulls definitely want to see a clear breakout above the 1120 level. And on the fundamental side, recent trading actions in equities and currency markets are telling us that investors are now banking on an accelerating recovery, so any positive surprises in the upcoming retail and labor data will have the potential to push the tape to new recovery high.

從最近的價格走勢來看，標普500指數正在試圖突破2個月來的交易區間，現在唯一需要的只是一個適當的催化劑。從技術層面來看，多頭顯然有強烈的意願讓標普明確突破1120點。從基本面來看，最近股市和外匯市場的走勢告訴我們，投資者期望復甦會出現加速，因此如果即將公佈的零售和就業數據能夠傳來利好消息，股市就有可能創出復甦行情新高。

based upon recent trading action, an important short-term low had been established and the market is in an early stage of a new upleg that points to a retest of the yearly high, or the low 1100s on the S&P 500 index.

從近期價格走勢來看，市場已經形成了一個重要的短期底部，正處於新一輪上升行情的初始階段，指向對年內高點的測試，即標普500指數的1100多點。

over the next couple of days, trading actions will be a little choppy with a little more short-term risk. Although, as it was the case over the past couple of weeks, the retreat by the S&P 500 index would likely stop before it reach 1080 because traders will not wait until the market hit the round number. They are anxious to buy the dips.