The bounce is probably starting to really annoy those bears who did not exit this morning. The question now though is..how high do we go?
Bears MUST at least see a lower high...so, somewhere <1380.
Personally, I do NOT wanna see anything over 1355/60 late today/tomorrow, or its a problem in my view.
The hourly MACD cycle (blue bar histogram) is so very low on the cycle. We could easily spend the rest of today and indeed tomorrow just crawling higher.
Right now...I am NOT going to hit any more buttons. Sp'1355 - near the close sure would be extremely tempting.
*we still have AAPL earnings at the Tuesday close, and that might be an excuse for Mr Market to claw a little higher tomorrow - putting in a lower high.
I am trying to keep an open mind, but as it is, shorting anywhere over 1350 seems like a pretty safe trade on a 3-4 day outlook. Sp'1310/00 by Friday is still a very reasonable target.