Melting Up in the Summer Heat

While a lot of attention is being focused on the S&P 500's move above 1,000, most chartists are probably focused on 1,005.  As shown below, the S&P 500 failed twice to rally above this level back in October and November of last year.  If the index manages to meaningfully break above 1,005, there is little in the way of resistance for the next 95 S&P 500 points.