Nothing new to add as the market continues to grind sideways without breaking out or breaking down. I still lean bullish versus bearish as the more time that goes by the more the short term overbought charts get reset back to neutral, which opens the door for one last squeeze up before a pullback starts sometime next week.
I could be completely wrong though and the market tanks, but even if that happens I doubt if it's more then a couple of hundred points. I really don' see the falling white trendline on my chart getting taken out and it's only a 100 points lower or so. But I'm sure many bears (and bulls) would love to see that happen first... then a rally to 7000+ occur. The market though is very cruel and unforgiving.
Usually it doesn't allow the bears an exit like that, and an entry for the bulls. Most of the time it keeps the bears trapped and won't allow the bulls a good pullback to get long. The more common move is a big squeeze up to hit the stops overhead on the shorts... and then it pulls back. I still think it's coming but I don't know when. Maybe today or maybe Monday, but it's close I think.
Have a great weekend.
