Many will probably be calling it a day, and turning off their screens. With July'4th next week, what little volumn there usually is, will likely be even less next week. Back to the days of low volumn melt up?
The hourly cycles on the indexes are obviously way over stretched - along with the VIX hourly being very low. Yet even a close in the low sp'1340s should NOT be seen as anything other than an intra-day pullback.
Bulls are back in control, only a daily close next week in the 1320s would get me back into a bearish mindset.
Probably a quiet afternoon ahead. There are some out there suggesting a big afternoon reversal, but..as noted, even a 15pt fall in the sp' to 1340 would still mean the bulls have a strong close for the day.