I like this juncture here.
Either the S&P breaks down today and quickly heads below 1200 without getting above 1215.49 first, or it likely muddles around and gathers steam for another assault at fresh highs.
In other words, I'm looking for either an impulsive decline that points much lower or a sloppy one that suggests a reversal soon.
The US dollar looks like it is trying to reverse. The VIX made a small hammer yesterday. And internals, while slightly better than Tuesday, were still lacking conviction. This market can sell off from here. Or it can move a bit higher and weaken further.
Like I said, I like this juncture.
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