In what feels like the one thousandth micro-rally since the start of the year, we're back to sp'1472 again. Market seems exhausted, but then..the bears seem powerless. Literally, it feels like the bears have no power to kick the market lower than 3-5pts..before the recovery bounce. Its getting pretty tiresome.
sp'60min4' - retracements
VIX is in real danger of a break into the 12s, which would seriously suggest we're going to see a snap >1474. Any move over 1474 will no doubt cause a short-stop cascade, and a close in the 1480s becomes viable.
I see a LOT of people touting an important cyclical market high around this time.. with sp' somewhere in the 1480s.
*meanwhile, it would seem many in the USA now await orders from his highness on 'gun matters.
Thats got to be good for another 3pts on the Sp?