With zero (or should that be negative?) downside power from the equity bears, the market is in rather disturbing classic algo-bot melt mode.. and we're back in the sp'2100s. VIX is -7% in the 13.90s.... all that is left is the FOMC low of 12.80.
*again, I have to throw out a monthly chart... the October close was decisive.. at least to me.
ALL broader bearish outlooks are OFF.
I am utterly bemused how anyone can see this market seeing sustained action under the sp'2K threshold for the remainder of the year.
A retrace IS still due of course... but with every point higher.. it drags upward the downside target... currently the 2020/10 zone.
back at the close.