A week ago, I noted that
On the one hand, bears didn't damage the uptrend even a little, so from a technical standpoint, bulls still have the ball. On the other hand, the potential impulse down does give bears the best shot they've had all month. And again, north of 5969 invalidates any hope of that last decline being an impulse.
But as has been its way for the past few weeks, the market wasn't interested in entertaining even the slightest bearish notions. Probably the first key line (from a near-term perspective) to watch now is the solid black line.
In conclusion, this is the type of market where -- if you're a bear -- you just keep watching the trendlines (black on both charts) and waiting for the next "best shot." Trade safe.
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