This “so called rally” is weak at best. Crawling out of the daily cycle low like a turtle on prozac – this thing is going nowhere fast, lending further to the proposed theory…we may not even see a “higher high” before this rolls into the larger expected correction.
As suggested some weeks ago – what’s the point? why bother looking for further upside as opposed to just plotting / scheming for the inevitable fall. Get your ducks in a line for some short plays as well continue taking whatever profits you have.
Forex_Kong
divergences on PPO/macd and tsi are probably too great for this market to go up much more without a bit of a reset. i am still expecting to see more downside to 2300 or 2272 before a wave 5. wave 5 however should achieve 2450 to 2500 spx. then maybe the fat lady sings. big correction for sept? summer doldrums likely will not yield the big down move. as expected the debt ceiling debate so far is a non event. congress does not have the huevos to stand in the way.