The S&P has traced out what appears to be a clear developing impulse wave higher. Impulse waves provide clear cut parameters for their success and failure which aid analysis.
The expectation is a new high above 1618.46.
Anything below 1598.58 without a new high beforehand would signal a failure.
There are gaps at 1597.59 and 1582.70 which must be respected.
Clear parameters help take the emotion out of trading. Recurring patterns provide a rough map of the terrain which must be continuously proven, with the clear understanding that the map is not the terrain. The terrain can and will change in a flash.
I still feel this market is a highly suspect market, but it has yet to disprove itself. Until it does, I will continue to sell highs and buy lows using options as an outright leveraged position with defined risk. If I was simply a bull I'd be more profitable. But I'd rather follow my rules, be consistent, and keep drawdowns low. So far so good.