We hit and pierced the 6602 level where C=A in price, and we have lots of positive divergence as well as negative divergence on the VIX. Plus the bearish period from the cycles is ending now, so everything tells me we are going to rally up into the end of the month where new highs are possible, but no guaranteed.
Could it go lower? Sure, but odds are NOT skewed in favor of the bears now, and are turning very bullish. So I have to be a bull now and will stay one until the end of the month. I had hoped for this pullback to reach the 588.79 FP on the SPY but time has run out for the bears and it's very unlikely to go any lower at this point.
Have an blessed day.
