We didn't get to 250k on jobs and therefore not high enough to make a direct assault on 240 this AM, I think we needed +12-14 SPX points and only got 10 (which is by itself key to putting in a bottom). This first move up was 2.28 SPY points, which projects to a 3.5 multiplier of the delta getting us to 243.7 on this move probably lasting until 4/7. That's putting the possibilities or cart before the horse.
We got support at 237.4 early, but since have lost that and have gone down to nearly fill the gap. Market has struggled to stay above that level (breakeven for day). If we go below that, we will probably make some weak attempts at testing yesterday's low, and may stall the move until Tues of next week. However, if we stay above it, we should finish at least to the opening level of 238, which will be a victory. Anything more today is gravy.
WDC is interesting in that the formation is one which I believe projects to 89 or higher and in short order. I think we get above 77 in the next several days and will at least achieve the old high at 81 by 4/7.
T also looks like it can breakout to new highs after a 3 mo consolidation. Breakout P&F Tgts are to 50.