2pm update - not exactly bearish.. is it?

US equities continue to claw higher, with a new cycle high of sp'1982, which is 89pts (4.4%) above the Friday morning low. VIX continues to melt lower, with a new low of 19.29. First target is the 50dma.. around sp'2000... after that.. its open air to critical resistance in the 2040/60 zone.


sp'60min

sp'weekly1b

Summary

Call it madness.. call it manipulation.. call it whatever you want.... for the moment, there is ZERO downside pressure, and those holding short are going to get ground to zero.
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Clearly, the smaller cycles are EXTREMELY overbought... but with price action as it is.. there seems little point in even pro day traders trying to capture a down cycle/retrace.

Yours truly is more than content to stand OUT of the way of this... at least for a while.
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notable strength: NFLX +4.4% in the $110s.