If today's big day holds up, that will close a gap down and make it likely for the market to next the unfilled gap down above this area. The next resistances on SPY from unfilled gaps are 109.79 and 112.38.
Short-term is not quite overbought yet, but I will probably post an exit on UPRO relatively soon.
The Investor Intelligence newsletter survey today showed a big jump in bearishness. In back testing that hasn't been a huge short-term positive, but with the bearishness in the AAII and now the II, I taking the idea of a significant rally, probably even above the August highs, more seriously.
As a side note, Natural Gas prices appear to me to be forming a major bottom. I will try to get a post out with details, but there is an ideal bottoming area at 6.14ish on UNG. We never quite touched that yet. But the specific pattern in play is a major bottoming pattern. Be patient with this one - or add to it if money management allows. I really think this will explode up over coming months.
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