So far there is nothing to suggest any significant downside. Even worse, near term, the 60min cycle might be floored, and ready to surge back upward.
Lets be clear, if Mr Market likes the jobs data tomorrow - or uses its reverse logic that 'bad news is good QE news', the micro-cycles are now reset, and primed for a further up move.
sp'60min
vix, daily
Summary
A quiet day, the interesting aspects remain the action in individual stocks like JPM, PCX (hyper short squeeze), and continued melt up in AAPL.
It is laughable though, that after the BoE initiate the (US per capita equivalent) of $450bn QE, the EU and China cutting rates...and all we have is a flat market.
Those bull maniacs seeking new index highs this summer, they need nothing less than the Bernanke to appear, and to spin up those digital printers.
More after the close.