Yesterday's surprise drop got quickly bought up and this morning it's completely erased. There's signs of weakness up here for sure. I really was expecting the 3750's level to get hit and then this last rally up to 3900 or so, but the market is ever so tricky. With the bears now trapped here I can only think that the move down yesterday was all we'll see before the last squeeze up to the final high. At this point it's just a waiting game for that low 3900's to get hit, and then a big correction should start.
The month of February should be down hard with 15-25% shaved off this very overbought market. They never make it easy, that's for sure. I was previously thinking we'd go down into the FOMC meeting and then squeeze higher afterwards, but it's now looking like they want to hit the 3900 area before it and tank the market afterwards. I'm not sure how they plan to get to my target area but I still think it's the last high before a nasty correction. Have a blessed day.