Reversed higher from a choppy decline.
Just 1% away from the all-time highs and once again the market showed its customary need for a time out & rest period.
Asia was mixed last night with China notably under performing. Europe is showing signs of mixed action too with weakness in UK FTSE 100.
Stunned by this:
Preparing for a "post-oil" future sounds more and more like preparing for no more oil. Thus I remain bullish on oil regardless if lower prices occur (and I hope they do).
USD remains firm and above its recent swing low. A rally seems unexpected and could flip everything around.
Prices showing lukewarm signs of life.
WTI crude sold off from yesterday's new rally high.
NG blew sky high from its recent low, rising in a text book 5-wave impulse structure. It is still up over 1% yet could probably use a rest.
Gold down, silver continuing to rip higher. Platinum and palladium higher. Copper down again.
TRIN (short term trading index) hit an intraday low of .34 yesterday which is lowwww. Such action argues for a bearish market reversal soon.
Do I think the S&P could reach a higher high before rolling over? Yes.
There are a number of Fibonacci extension targets that could come into play beforehand.:2107.72-2109.98-2112.02 are all game along with last November's big 2116.48 swing point.
Ticks & A/Ds have been supportive for the most part, yet are starting to cave in.
Up-down volume difference did cave in yesterday, which is ominous action at a new rally high.
Remaining on alert for a reversal after what could be just a few more minor subdivisions higher. Would prefer a new all-time high above 2134.72 if anyone asks.