This morning the market sold off after Yellen gave her little talk. I’m watching the Russell 2000 ($RUT) to get an indication of market direction and I think that we are done with this correction and are going to take a stab at the highs again. My reason is that we hit some 30 minute demand that lines up right with the 50% retracement of the total move up. It is a logical, clean retracement right at the 1,150 level.
If this level does not hold then all bets are off and I’ll be watching the 1,030 level for the next good looking demand.