Pretty self explanatory. This is the bear market channel I have shown before for the /ES. If it does bust it, 938 will be the line in the sand IMO. Is the painting of the statements over? The high this morning at /ES 926 touched the channel line on a 1m chart. 60m SPX bounced off of the 61.8% retrace from the 956 top. 60m indicators on SPX are overbought.
The dailys still have some room to run up. Taking out the 927 high was a big deal, but I don't think we take out 956. This move up (if it continues) should set the indicators on the weeklys for a pretty strong fall. I would not be surprised to see the manipulators drive the market thru this trendline on low volume holiday week. Either the 60m continue to embed and the dailys run their course up or we have a minor pullback here.
60m SPX -
From ZH - Confidence-Market Divergence Accelerates "The last time we got a -2.42 standard deviation between confidence and the market, things got real ugly, real fast."