While I am trying to be patient and allow the market to make it abundantly clear as to how we get to 4000+ in the coming years, the market certainly did not do anything today to suggest it is breaking any support just yet.
In fact, when I look at the micro structure, as long as we remain over 3193ES, there is a set up pointing us as high as the 3240-50ES region. So, I have nothing near term bearish to report this afternoon.
In the bigger picture, not only do we have to break down below 3193ES to even begin any thoughts of a pullback, but, as I noted over the weekend, we need to break below the 3150/60SPX support region and follow through below 3080 to really take the red count off the chart, as it is presented today.
While my preference remains to see a larger degree wave [ii], and much of what I am reviewing suggests that is what will still likely play out in the coming months, I am going to retain an open mind, as the market does not always provide me my “preference” (smile).