The early morning sell-off in equities today struck some fear into the minds of a lot of bulls. Even so, The ES couldn't trade down to its Monday lows.
The news that Greece agreed to a set of austerity measures provided the catalyst for the late day rally.
Based on the action, it looks like this latest reversal might have the momentum to officially push the market into its next leg up. I expect the S&P 500 to be heading back above 1300 in the next day or two. If you were carrying a long position without substantial conviction behind your trade, you probably got shaken out today.
I remain biased to the long side. It may be a choppy summer, but I expect new highs on the S&P 500 this year.
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