expressway- Yes if the 1597 - 1600 pivot is blown out then 1614 is the next pivot and so on.  Yesterday the SPX closed right on the 9 EMA and while there were some bearish signs yesterday, we needed to lose that, as long as the market or any stock is above its 9 EMA its obviously quite strong.  My comments were last night to look for a lower high as a lower risk short, but obviously today the market was strong all day and didn't provide that trigger unless you decided to take a short at the back test of the wedge patter (discussed below) but then you have the Jobs data to sit through.  and yes in answer to your question, the RUT and Tran are still weak.  Our simply rule is that if a big down candle is retraced more than 50% the next day, then odds favor more upside

The bear wedge patterns played out from yesterday and hit their initial targets where they have obviously bounced hard.  Currently the SPX is now back testing the broken wedge trendline which is resistance as you can see on this chart.  Stochastics are overbought - tomorrows Jobs numbers will likely create a gap in either direction

Otherwise the 60 min charts of the Russell 200 and Transports are a lot weaker and lagging, especially the RUT