Before the Open (May 27)

Good morning. Happy Thursday.
Everything is green. Most Asian/Pacific markets gained at least 1%. Half the European markets are up 2%. Futures here in the States point toward a huge gap up for the cash market which will open the S&P near yesterday’s high.
Here’s the SPX 15-min chart…1090 and 1110 are still the first two resistance levels on the way up.

The indicators tell me the trend is in the process of changing from up to down, and I’m going to continue to harbor a bearish bias. But this is an intermediate term bias. Short term anything goes, and I would not be surprised to get sideways movement into the summer.
We’ve had huge gaps up and down, big intraday ranges and random intraday moves. Other than alternating between moving up big or down big, there has been no rhyme or reason to the movement.
That’s it for now; there’s nothing more to say. The market is on crack. It’s heaven for day traders and not so much fun for swing traders unless those swing traders have a very short or somewhat long time horizon. Any anticipated holding time that falls somewhere in the middle will get you in trouble. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers