Coming into today, the idea was that if SPX broke 7050 and 7100, that there was a good chance we retest the highs. SPX completely shattered through the upside key levels again and came within 9 points from an all-time high.

The upside momentum seems to be back after taking a brief pause on Monday and Tuesday. It seems that a 2 day correction was all we got, and SPX barely even dipped. As it stands right now, SPX closed 10 points from a new all-time high. There is a good chance we hit that level tomorrow, especially considering that the Nasdaq did today.

Just when it started to look like the daily chart was losing its verticality, SPX found a way to push right back up to the highs. The daily pattern continues to be extremely bullish and is displaying a ‘panic buying’ look to it. Most big tickers are flying higher and pushing towards new highs. SPX looks like a run away train as of right now.

I think the craziest part about the move today is that SPX is only up like 10 points for the week. The expected move was about 111 points. There is still a lot of room to go on the upside, which is crazy to think about after a 73 point rally. We could just be getting started.

If 7150 breaks, then all eyes shift towards 7200 and the upper end of the expected move at 7237.

To the downside, 7100 has once again become a support level and 7050 just seems insanely far away. We won’t even worry about that one for now.

The dip yesterday was bought and it seems that’s all we are going to get. Geopolitical tensions have not eased and Oil continues to rally, along with VIX showing some strong resilience. The good tweets keep coming in and the bad ones are largely ignored.

Most of this rally is driven by sentiment, hope and now euphoria. It is going to take a lot to put an end to this party.

Whether you agree with it or not, it’s probably best to be bullish and continue buying the dip. I have a feeling that isn’t going to change any time soon. I’ve remained bullish throughout this rally, even though my brain doesn’t agree with it.

Just remember – Bulls make money, bears sound smart. Pick the one you want to be.

Good luck!