Is it my imagination, or do we see early strength just about every morning, but give-back action during the afternoon sessions?
Today should be interesting because the market is receiving support from the end of the quarter, and Fed Chair Yellen's remarks about the still-beleaguered jobs market, implying that the US economy can hardly handle the mere mention of higher rates, much less an actual change in FOMC policy towards tightening.
In other words, Yellen is telling equity investors, "don't worry, be happy!" For the time being, the bulls have it all going their way into quarter end.
If today is fait accompli, then what we should be looking at is what happens after the end of the quarter starting tomorrow morning.
Will there be upside follow-through after the end of Q1 for the rest of the week into Friday's Jobs Report? We shall soon find out.
Purely from a pattern perspective, all of the action in the e-SPM since its Mar 7 high at 1880.50 still can be viewed as a coil (a larger coil than the original one), that has its upper boundary at 1874 to 1880.50, and it lower boundary at 1840 to 1834.
Right now, the bulls appear to be making a run at the upper-boundary zone.
A sustained climb above 1874-1880 will project a run at 1896-1900.