Counselor? Come Out Come Out Wherever You Are

With the S&P 500 Index filling its 2177 gap higher from the monstrous gap down two Fridays ago, we are looking to see if bulls can now build on their post-FOMC momentum and hold back above it.

If so, then the sell-off from two Fridays ago will take on far less significance than it seemed to have at first blush, and the initiative will be back squarely with longs. It is also worth noting that bears had better make a stand here and fast, given how close we are to all-time highs on the S&P as the Nasdaq is already printing them. 

With this in mind, you get the sense that the market will take no prisoners when it comes to short squeezes if bulls now retain the initiative. Specifically, perennial laggards like FEYE SHAK, below on their daily charts, are far from quality long setups. 

However, they may be ripe to put the hurt on shorts who are now effectively hiding like Max Cady's lawyer in Cape Fear. If so, the market will seek them out and eventually drag even those laggards higher. 

Let's see if bulls can close back over 2177.