Mr Market is still stuck under the mid-Sept QE high of 1474. Of course, the Trans/R2K are already well above that level, but still, with the VIX apparently floored...perhaps we'll get that 'minor retracement' after all. This market remains.....annoying.
sp'60min4 - retracement
On the hourly chart, there is a clear up channel, bears need a close <1465. Even that seems ''difficult'.
Right now, the VIX daily chart is probably the one thing those still seeking a retracement should be focusing on.
A brief VIX spike into the low 16s would still seem a 'reasonable' target, which in theory, should equate to at least sp'1445/40. The daily chart/lower channel would permit 1425 - at the end of next week, and still do NO damage to the bullish mid-term outlook.
Metals are weak...not far from breaking what are significant multi-month lows.