It's 4 pm and European and Asian markets went down today. However, US futures are not down that much, only 4.5 points on SPX. It will be very interesting to see how AAPL shares will do tomorrow morning with news about Steven Jobs' poor health. On the bright side AAPL earnings are expected to look very good. Even more interesting it will to see how the general market is going to react if AAPL shares are going to go down. My impression is that market is hugely overbought at least on the short term time frame. When this happens market players only need an excuse to take some profit off the table.
Earnings for big companies are expected to look very good, the real reason why market went up so much lately. Judging from past earnings seasons I would expect market to move up for another couple of weeks before a decent correction but who knows, tomorrow AAPL may trigger a long expected correction.
SMA 120 is going to climb from 1269 to 1272 tomorrow. This is the most important level for me and other people that are trading on intermediate time frame. Once again, let's not anticipate next move just be prepared in case market is going to slip bellow key support levels.