Hmm, so with reasonable earnings from the wriggly Squid (GS, as if you don't know), the market is again attempting another break higher. So far, its holding the gains, but it sure doesn't feel very strong. A lot of stocks have very clear bear flags on their daily cycles. Meanwhile, AAPL is still twitchy, and made new lows already today..but it now $8 higher as I type.
If we're going to get follow though to the upside Wednesday/early Thursday - in order to hit the target zone of 1395/1405, we MUST close over the 10MA today, and probably close 1382/84..just to have a chance.
Right now I'm still a believer this is merely a really messy wave'2 UP...with a 3 down..taking us to 1340 sometime next week.
Clearly, if Sp' can somehow break over 1410/15..then the bull case for 1422> is back on.. Worse of all, the weekly/monthly cycles would all start to flip back into the original 7 month bullish trend.