SET UP

ABove is our MIRROR IMAGE US $ and SPX chart, it's pretty obvious as one goes up the other goes down and vice versa. Both are in very steep channels.

There's nothing wrong with being long and riding this TSUNAMI of liquidity and manipulation, I think we can end the conversation of the stock market being a REFLECTION of the economy or predictor. It is Las Vegas brought to your computer screen. The elements are in place PLUS 90% equity bulls and barely 4% US $ Bulls for a severe correction, it just hasn't arrived.

We have our Bearish wedge on the Transports, we had a TEST of that break today, and that's where we ended, right on the underbelly of that lower trendline.

Even if the Transports decided to fade away (more unlikely with todays 2% move) it doesn't mean the other idexes follow, and not right away.

Todays move in the NYSE came on an increase in volume by about 18%, so I can't argue that wasn't an improvement. It doesn't matter where it's coming from, the path of least resistance has been higher. Remember the reversal day last week.....that can come out of the blue when you are investing in MOMO, there isn't anything else going on here IMHO, just momo players.

So tonight I am not going to add anything to my fundamental argument, just technically speaking....if a top is in it doesn't look like it.

LINK TO DOW CHART HERE even if a bearish wedge, a move above or to 10,000 seems likely.