Purgatory

Market players continue to frantically buy dips.  We've seen this story before though prior to last week's weak rally.  ~2040 in the S&P 500 is still such a key level

Even with yesterday's exciting rally, breadth continues to thin.  And that's fine, there is plenty of stock action yet.  It's very possible for the indices to rally hard if we get over the key fib level.  

With Shanghai's 6% loss, maybe the US relative to the world will break free from the declining trend and 50D MA...or maybe not.

One thing no bear dares mention is smoothed TRIN is actually at 2 month highs.  Bulls apparently have firepower here.

With so much good out there, one chart that continues to stand out bearish is Chipotle as even the 40 week moving average is now turning lower.

I'm out for the day.  Trade 'em well!