Another very strong day from the bulls yesterday, and both of the breaks above the daily mid band and the 5 DMA were strongly confirmed on SPX. That doesn’t kill off any bear case altogether here, but it means that rather than trying to prevent a break up, bears would now have to break back down. My lean is bullish and I’m not really expecting bears to break back down, but I am expecting to see some retracement today, and I’ve put the key levels on the chart below to show what bears would need to do. SPX 5min chart:
