Watch for the 1300 level for S&P500

As I expected, the market was quite bullish on the first trading day of the year. The US stock market went nuts, up almost 2%. Actually it was a good day all over the world. Well I was thinking that today, the 2nd day of trading, could be a down day given how much it went up yesterday. The market did open lower but still managed to bounce back at closing. This kind of price action is very bullish, reflecting the strength underneath. Another bullish indicator is that the market went up when the US$ was up. In the past few months, it had been almost always an inverse relationship that the market was doing poorly when the US$ got stronger. Today's going hand in hand between the two also suggests the strength of the stock market. I think there is a good chance that S&P500 may go over the 1300 level in the next days or a week or so. If that happens, it will run into its resistance and will likely come down again. If you listened to me and bought SSO or UPRO a few weeks ago, you should be sitting on a nice profit. I did and I plan to get out of these positions when S&P500 reaches the 1300 level.