Tight trade range just below yesterday’s close until the resume of the rally around 2 pm. Volume was below average.
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Better-than-expected results by a bunch of companies and particularly by JPMorgan Chase & Co (JPM) set the mood of the market.

S&P 500 opened on a gap higher and touched the R1 line within 20 minutes from the start of the trading day. From there a quick sell-off to the Pivot Point lasting 40 minutes and then the ticker settled in an upward trend for the rest of the day closing at 929.23. Volume was high.
anks [...]

Market opened at R1 and rallied to R3 within the first 45 minutes. The rest of the day was a waiting game to see if bears either took control of the market or bailed out of positions. In the end price slightly trended up and panic covering took place in the last 10 minutes. Volume [...]

Market turned lower from the opening but quickly rebounded on the Pivot Point line to establish an upward trend for the rest of the day taking price to new highs. There was a bit of profit taking at the end but price close at 865, well above the 850 key level. CBOE Volatility Index (VIX) [...]

A slightly upward tight channel developed for most of the day between 835 and the pivot point at 846. In the last half hour of the trading day the price broke upward to close slightly above the 850 key level. Volume was average.
The Beige Book was not terrible. It is expected that JPM will release [...]