Technically an exceptionally strong day thus far. Clearly lots of hope riding on non-farm jobs tomorrow. Also, it looks like rate cut expectations and Washington's rate freeze are supporting a rotation into Financials in-spite of industry downgrades.
Nonetheless, it's nice to have broken that recent high with broad participation and great Tick strength. Transports are not doing quite as well, however, nor are interest rates confirming a trend-wise rotation into risk. Furthermore, whereas yesterday we were in a virtual "no man's land," we are once again headed into possible resistance above (see prior downtrend line, high-level Oscillator cross, 50-Day MA, and 62% retracement).
Fulfillment of the Market's hopes could easily pierce this (though it is a bit of a long list). Consider hedging as/if we hit that target area (say SPY $150.25 to $150.75), but I wouldn't try to pick a top just yet.
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05/23/2015 Market Outlook (NR7 and ii)
22 hours ago