ultimate short friday?, page-33

Indecision about what the chart is now saying fits with my current thoughts that we'll flounder about for a while around these levels while all and sundry gather themselves and ponder "where to now".

In the event those thoughts are wrong and we're going higher still, then the level I have marked for the S&P500 is 883.87 which is a 1/4 retracement of the rally (666.79 to 956.23). If that held it would suggest that the rally remained in a strong position.

The prior swing low of 15 May sits just below that level at 878.94. If that gives itself up then I would be confident that the rally had run its course and a period of consolidation had commenced.

IMHO it is way too soon for a resumption of the bear trend as a major low was put in place only very recently and the rally from that low went too far up to hold the bear trend in a strong position.

For the bear trend to have remained in a strong position would have meant the rally should have stopped around 895 which was 1/4 of the major range (all time high - 1576.09 - to March 6 low - 666.79) but it went 60 points higher which, for my mind has incapacitated the bear for now...

Get well soon bear … :(((