Market certainly starting to appear a little tired.
The dow and Rus'2000 have broken above what I'm guessing are bull flags on the hourly chart, the sp' is still lagging a bit. Maybe it'll catch up late today/early tomorrow.
Considering the MACD cycle on the hourly, I'm going to wait until tomorrow for a re-short. There is no hurry, whilst we're still in the 1430s. Besides, the daily cycles are still crusing comfortably higher. There is NO sign of a turn yet, especially on the transports which is looking pretty strong still.
sp'1445 is still prime target. I suppose we could briefly hit 1450/60 on some kind of crazy QE hysteria spike this Thursday, but thats 'best bull case', and somewhat unlikely.
I'd really like to short ahead of the Bernanke tomorrow, anywhere 1440/45 would easily suffice!
Back at 2pm.