TECHNICAL UPDATE: S&P LIKELY HAS A BIT MORE UPSIDE GAS LEFT IN THE TANK BEFORE A HEALTHY SELL-OFF STARTS

Currently just above 2,000, the S&P futures have flipped the switch back “on” and are back in rally mode – today's quiet trading not withstanding. Technicians are now providing a range up potential upside targets rather than a specific level – last week's update had them indicating that 2057 was the upside ceiling. Now, they are of the opinion that the “minis” will make it at least up to 2049 and possibly as high as 2066. From there, they are looking for a pullback in the markets that will take the S&P e-Minis down at least 8% to 1861 – 1868.