I had a twelve hour drive today and didn’t see what was...

I had a twelve hour drive today and didn’t see what was happening during the day so my assessment is based only on what I am seeing on todays chart and how it has / is playing out since the highs on the 15^th & 18^th
The signs back then were that we were going to have a retracement after the sp rising vertically and the indicators, both daily and weekly were reading as way overbought.

OK we had the retracement (obviously made worse by the DD extension announcement) and we retraced 50% of the previous up move from the 8^th.
Wed saw all of that retracement being recovered even though it was on about 50% of the previous day’s volume.
All good so far, the euphoria is back and apparently so are the Chines or fund buyers.

So what is next
Long term nothing has changed and the sp is still in a strong bullish uptrend and the fundamentals are great.
Short term there are still negative signs showing up in the charts which imo are hinting of some more selling. (if these signs are to be believed) This will only be of interest to anyone wanting to trade or top up at a lower price.

Firstly the volume (effort) over the last two periods that was required to rally & lift the sp to a new high was still below that which was used to push the sp down in the first place.
As counter rallies go yesterday was good but today was lacking conviction.
Today’s volume and buying which at first glance appears strong is imo someone selling into the rally.
This is further indicated by the sp closing at the low end of the days bar and the short term stochastic's still trending down after having failed to rise in line with the buying.

So at this stage I will stick to my theme that we are still way overbought in the short term and the sp needs to at the very least consolidate at the current levels for a week or so and maybe get another couple of swings in (0.19 – 0.22 maybe) before the next update send us north again and get those indicators down a bit.
I doubt if we will get that week though.
At this stage of the week we appear to be struggling to stay in the new higher range we entered at the start of the week.

So, I see the sp retreating again tomorrow based on what I see nothing else.