With the gap up and failure this morning, the market MIGHT have done enough to put the finishing touches on this part of the advance. I say MIGHT have because of the persistence of the rally.

This type of rally is so rare and so strong that it's impossible to kill it in one day. That's one reason I expect any significant pullback to be temporary before the next leg up begins.

I'd be surprised, but thankful, if 875 is breached. I'd kiss my sister-in-law if 850 is breached and I'd kiss my mother-in-law if we see 800! However, I'll kiss my wife if the market just OPENS! I may have to chase her though.

The charts allow for downward price moves of those magnitudes, but momentum may not allow them to be realized. But do know that they're possible without finishing off this entire advance.

So watch the next two days for a clue. The 200 day moving average is just above current price levels on the S&P and NYSE. That could act as a magnet of sorts if today is reversed. Also remember the 943 January high in the S&P. It approached 930 this morning on the gap up. As the old saying goes, "that may be good enough for government work". We'll soon find out.