Based on the graph below, I would simply say:
- A down day tomorrow – even a modest one – would be very good news for the bears in light of the last two back-to-back major up days;
- A cross beneath 1020 on the $SPX would completely seal the deal;
- The penetration – and retracement toward the underside – of the $SPX vis a vis its trendline (which dates back to the March low) is, to me, a thing of beauty.
