1pm update - bull maniacs face huge resistance

The market is holding index gains of around 0.8%, with the sp' comfortably above the Tuesday brief spike-high. Bulls look set for further gains, but there are multiple layers of resistance. The notion of new highs . >1709 in the near term remains nonsense.


sp'daily4b

VIX'daily3

Summary

Consensus is for 5 waves lower, and we're now in day'5 of a larger bounce/wave'2.

Thursday..day'6..and that should be just about enough time, before the next wave lower.
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*the rising 200 day MA is now in the mid 1560s..and again, I'm inclined to think the June 1560 low is now out of range.
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I remain on the sidelines, seeking to short the market early Thursday..in the 1658/62 zone..with VIX 15.50/00


1.20pm... Bears should keep in mind the Fed beige book is due at 2pm..and I am slightly concerned market might jump into the low 1660s.

if that is the case..the 1670s will be viable at the Thursday open...and then..maybe a DOUBLE gap fill....all the way into the 1680/85 zone.

Certainly..for those already short..today is lousy.