US Stock Market Rallies

This 4-hour chart of the SP500 shows a market that is moving up after having found support above the 1171.00 level. We were looking at that level as a line is the sand to where a move down through 1171.00 might open the door to more selling pressure and a stronger USD. However, the market is now starting to move up and appears poised to move up through resistance instead. This move is based on stronger economic numbers coming out of the US and may be enough to push the USD up also. A move up through the previous high of 1207.10 may open the door to more buying interest and an eventual test of the 1227.90 multi-year high from earlier this month.