The low made yesterday could just be the low and the S&P 500 (SPX) will finally take out the highs. The conditions of this robust rally continues as any dips are short in scope. The makeup of the relative indices are mixed. From the DeMark TD Sequentials, you can make a case for a top this week, in a couple weeks, or the counts are recycling higher. The updated daily counts for SPX, Nasdaq Composite (COMPQ), and the Russell 2000 (RUT) are notated.
If Bernanke stays with his script, the market should stay in rally mode. Intraday, the markets may just triangulate. If we see the 1660 level, I’ll consider it as a buying opportunity. Intraday break under 1660 will give me pause. This ‘dark horse’ rally is still melting higher. It has all the hallmarks so as long as it holds, I will roll with it. Leaning back bullish. (updated intraday)