Market reversed from opening range breakdown, but could not hold gains, losses were minimal. But it fits into recent correction action, I used the 60M chart to show one possible view.
We can't rule out anything, including new highs for rally, but it would seem the correction may have further to run. As mostly everyone is bullish, any pullback is being seen as a buying opportunity.
Valuations IMHO are getting rich, dividend yield on SPX down to near 2.0%. 10 YR YIELD is 3.3%.
The type of rally we have seen from March, seems in contrast to the fall in yields to 3.3%. Maybe it's monetization. The BOND market usually gets it right, and an extremely LOW yield of 3.3% isn't telling us INFLATION is winning IMHO
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