*closing hour action: a new intra high of 2106... but there was a little weakness into the close.. as no doubt some of the smarter bulls were closing out on further gains.
Frankly, I am surprised at another new cycle high.
After the sustained price action >1950, I thought 2040/60 was a somewhat bold target for continued upside.. but now we're a clear 2% above that zone.
To be clear.. a retrace is DUE, but with another new cycle high.. the bears are back to square one... or should that be the circle of hell?
Best guess... a test of the 200dma.. later this week. A weekly close in the 2050/40s would be a bonus.. and keep open 2020/10s next week.. or certainly no later than opex (Nov'20th).
On no realistic outlook do I see sustained action <sp'2K for the rest of the year... or first half of 2016.
more later... on the VIX