Before the Open (Jul 9)

Good morning. Happy Friday.
The world is green. Every index in Asia/Pacific/Europe is up. Futures here in the States are flat.
It’s been a good week for the market. Every day has closed positive; volume has been light. All of the huge losses registered on the Jun 29 gap down and sell off have been recovered. The S&P is sitting right in the middle of its Jun 21 high and Jul 1 low.
Here’s an update of the SPX 15-min chart. At the beginning of the week I set the target at 1070-1090. Here we are at 1070, but it gets harder from here. The first couple up days from an oversold level are easy – bottom feeders and short covering. But after the first thrust, it takes real buying to continue the move.

And don’t forget the bullish wedge I’ve been posting the last couple weeks. I have no idea if it’ll fully play out, but its mere presence told us not to be too bearish coming into this week.
With my trading I’m keeping everything short term. I don’t see any very good swing trade set ups. More after the open.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers