This is all about lastly. Both from the currencies and credit markets point of view, there is no reason to get out of a short term and mid term bullish position. Even stock markets overbought condition and dissonance with real economy have reached unprecedented levels, from the technical point of view we have to focus on more upside. IT targets are SPX 1105 and SPX 1123. Dips are very likely to be bought.
Keep an eye on 8:30 EST data: Building permits and Unemployment Claims. The content itself is non important IMO but they are moments in which we can expect acceleration.
Bears hope (small) :
- ISEE 146 show very high bullish (fadable) sentiment
- A 30 min close below ES1058 could trigger longs covering.
