On any basis, this market is now in the over-stretched zone. The bull maniacs have managed to retrace almost all the declines of the last down cycle, and now they are threatening a breakout into the sp'1600s. Yet...tomorrow..might be somewhat different.
sp'60min - bollinger/Keltner bands
The hourly charts will be offering the low 1570s tomorrow, but anything under that will be pretty difficult.
Yet, the VIX looks arguably floored in the low 13s. As they say, 'the only way is up from here'.
Oil has effectively back-tested the old busted floor.
USO downside target remains 28/27.