The market rallied and closed above the TA today which indicates a change of trend should the market keep closing over the TA. I am expecting the market to correct to the 1275-1280 area before resuming the rally in a strong bullish wave. If Fib support does not hold then this rally will be no more than a test of the TA and on to resume its downtrend. However, if the market goes to the corrective area and gets back up above the TA then it will be an excellent spot to go long and use the TA as a stop. After 6 weeks of selling, the odds favor the bull side.
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