US TECHS: S&P Holds Gap Break, Prior Highs a Focus

Yesterday's strength in June S&P closed the gap left from the decline in late February and is not pushing through there, which goes along with the thoughts that the market will be reaching the highs made in 2000 before a significant pullback develops. The recent spike in bearish sentiment is also a solid signal that this market can continue to push higher over the near term. It would take a close below trendline support at 1452 to damage the bullish bias.