On to the lie -
I still give the bears a fighting chance. Prolly even more now given the muted reaction to the ECB QE. The markets want MOAR! If anything they have bought a little time to decipher where and how this will come, but you can bet ur sweet backside it will.
SPX Daily - There are two hot spots on this chart saying that this corrective may not be what they want you to believe. The two negative divergences are in BP and A50. These say something bout the weakness of this solely QE inspired recovery, but not enough for me to go full bore beartard. The backtest of the black STB diagonal of death and the old red wedge support in process now around 1261 is a big deal and a potential point for the bears to say they have finally had enough. More than likely that red wedge support needs to be lowered where it will act as a D point of an A-E run, thus allowing this last round of QE to have its glory run.
SPX 60m - Prolly my fav chart now. Here you see the three red wedge support diagonals. More importantly you see the old blue rising wedge support and resistance. I mentioned this last week. Price is now at old resistance again. As you can see price does not like to stay above this diagonal very long. You can also see where the old support has become upper market resistance, so if they do get carried away (which I doubt, but you can't rule that out) you have a good idea of where their max point will be.
More to come below.
Have a good week.
GL and GB!