In my weekend post, What Comes Next, I pointed out 2800 as an important price level. Well, the ES has ripped right up to it (as I’m typing this, the ES is up nearly 50 breathtaking points, just beneath 2800). Does it stop here? Very hard to say. Some sectors (like homebuilders) are incredibly beaten-down and have tons of room to the upside, potentially. Other items are at very interesting shortable levels.

Here are a few key ETFs and what I believe are meaningful resistance points which, if crossed, will mean “leg two” of this countertrend bounce will kick in.