Bulls Set to Charge the S&P 500 (SSO, UPRO)

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The bulls and bears battled it out last week.  Yet, even with the JPM fiasco, the bears could not break support.  The bulls have huge advantages for the coming week.

Support at S&P 1340 looks incredibly strong after holding rock solid all week.  The market has shown resilience and for the first time in a while the bulls have a ton going for them. 

The Dow formed a higher low in May compared to April.  The same is true for Copper.  The small caps Russell 2000 held very well last week also with higher lows.  Oil has declined, and presents economic benefits.  With the Facebook IPO ready to rock numerous ingredients are present for a surprise rally.