Yesterday turned out to be incredibly boring. 1870.56 did break but was taken back and the market closed above it. There was lighter volume too which showed a lack of selling interest by the bears.
It's not at all certain that the bears won't have another chance, though. The 1853-1865 area still looks ripe for a test. There is even a fat volume shelf at 1845 that would make a great target.
Futures are suddenly showing signs of life after and equally boring overnight session, but they could be merely forming a double top, just retesting the prior aftermarket high.
If the market instead prefers to trade higher, 1887-1890+ is wide open. There are also two Fib extension targets at the 1903 area.
The Vernal Equinox is March 20th, and it's possible for the market to be pulled along into that time. However, there is a significant astrological occurrence in April to be aware of known as a Cardinal Grand Cross.
This is rare occurrence that will take place from Apr. 20-24. during which time Aries, Libra, Cancer, and Capricorn will be within 1 degree of each other.
The interesting thing is that these same planets were aligned in the same Grand Cross configuration within 8 degrees of each other from Dec 27-Jan 12th, after which a sharp 6% decline ensued.
The next alignment -- within 1 degree -- is much stronger. And if that is not enough, it will be accompanied by a total lunar eclipse on April 15, 2014, and a solar eclipse on April 29, 2014.
Cardinal planets tend to initiate action, so this could be a very active configuration with ample volatility. I continue to love UVXY.