07.21.11 – Debt Deal Pops

Progress in Europe and rumors of a debt deal in the US have a strong bid under internals. Nevertheless, assuming something “gets done”, the upward resolution to uncertainty is clear in spite of mixed economic reports. Those will come back to the fore at some point, but clearly not today.

Weak resistance can be drawn from the mid-July shooting star to the prior 2011 highs for next possible resistance at the round number of SPY $135.