sp'daily5
R2K
Trans
Summary
The market opened moderately higher, but the bears showed absolutely zero downside power today. In many ways, the bears haven't looked this week since late July.
The R2K is already close to back testing the old snap level - equivalent to sp'1680s, the only issue is what then?
The problem for the bears is that the bulls merely need to consolidate sideways for a few days in the 1670/80s. So long as the Friday spike low of 1640 holds...bulls are now in semi-control.
'Full control' is surely not until new index highs, sp>1709.
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I am hopeful though...it won't come to that, otherwise ALL short/mid term bearish outlooks have to get trashed.
For the big/serious bear money, most short-stops will be in the sp'1690s, or at least, no higher than 1705/10.
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a little more later..