It still looks like we're in a levelling out phase, as best seen on the hourly index charts. So long as we don't break new highs >1420 in the closing hour, bears who were shorting into today's rally should be okay.
It will always be a tricky market, and we could still break to new highs by the close, but on balance, I'm guessing no.
The hourly MACD (blue bar histogram) cycle is unquestionably on the upper side, and thus the next move should be to the downside.
*FB broke 27, so a lot of the 'big money' has just been stopped out, hence the rapid 4% rise in the last few hours. Still a lot of hysteria surrounds that company.
UPDATE 3.25pm Transports - which has been my 'clean wave' guide for the last few weeks, showing weakness, a snap lower into the close very possible. Bears have a real chance of a major gap lower at the Friday lower, where I'm seeking any weakness enhanced by PMI data at 9.45am.
back after the close