OK, the rebound was far beyond what I thought, a Bull Flag could be in the forming on the SPY intraday chart plus statistically, the 2nd trading day of a new year has been the most consistent and highest averaging positive day of the entire year, so we could see more push up tomorrow morning. The bottom line, I still don’t think this rally could go much far because of too many bearish extremes I’ve been talking in my recent reports. But right now the bulls are roaring so no shorting here.
In case you want to know, yes, I do notice that CPC closed below 0.7 which according to 6.1.1b Extremes CPC Readings Watch, tomorrow shall not be very pleasant for bulls. But since it failed to work 4 times in a row recently, so I won’t read too much into it. Click the link to see for yourself if interested.