Rather than another day of minor weak chop, US equities are set to close moderately higher - but well above the old trend/resistance of 1990. VIX looks set to have maxed out at 14.53... whilst the Dow has already broken a new historic high.
...somewhat bizarre day... but the opening candles were a clear warning for bears to make a run for it.
It would seem sp'1978 is as low as we go. Sure, we might briefly snap lower tomorrow, but it won't likely be under 1980.
*I hold a small long-index block (from 1991 last week)... will seek to pick up a large index-long on the next hourly cycle pull back....whether tomorrow.. or Thur/Friday.
3.17pm.. Price structure on the smaller 15/60min cycle is a baby bull flag. It bodes for sp'2010/12 sometime tomorrow.
Certainly, I see ZERO sense in anyone trying to short this madness, not least ahead of the Fed, when we know what is coming (QE taper'7) anyway!