Out of the Blue

Well, that was a blind shot.  I don't think too many traders saw that coming, including me.  Looks like the fund managers were so eager to get in on the first chance in Q2 that they rammed this market higher than it should have gone.  I still think we will hit 1190 before 1150.  I am neutral here, but I think we'll be higher next week than current levels.  For today, the trading seems random to me, but there is strong support around 1166 and now resistance at 1170.5