Half-Day In Marketland

A half-day in store in marketland. Futures are flat, but still up 4 points from their Wednesday close. It looks as if a triangle has formed which would have needed one last down thrust to about 1804, but depending on how the cash market opens, it may not happen.

A thrust to a new high could target a 61.8% Fibonacci extension target at 1810.76 with a 1:1 at 1817.06.

Volatility has been creeping up. UVOL (up volume) has been declining steadily. A/Ds are diverging negatively as price heads higher. It's a good time to step back and not make any big decisions. Today is a notoriously bullish day throughout history. Anything different could serve as a warning.

Meanwhile, Bitcoin hit $1242 and the FT observed So this is how fiat currency dies, with thunderous CPUs? I'm wondering if this could be another "death of equities" moment. I love the new digital currency, but also notice that the dollar has gone up since Bitcoin's debut. My thanks to Professor Pinch who brought the article to my attention on Stocktwits and kindly asked for my take on it.