Was an interesting night, would look like we are heading up into...

Was an interesting night, would look like we are heading up into August with the decisive break above 200 day sma, but i still have some doubt. Last night strikes me as option sellers defending their turf. There was basically no fundmanetal news of consequence apart from NY manufacturing. Bloomberg and CNBC ran with this as being the driver, but the numbers were in fact lower then forecast and future outlook and employment were significantly lower. Wouldnt think it would justify a 200+ point move.

There has been a huge amount of put buying recently, so would make sense that the big guys defend it. Maybe it will be the 55 sma at approx 1120 that will provide the resistance. Either way i think the latter part of this week and start of next week will be the true. Plenty more bad news lurking in the pipeline i would think, struggle to go long