Next week will show whether today's close will serve as a top of some sort.
What we have experienced is two waves of 60+ points each that could either be an a-b-c retracement of a larger wave down, or an 1-2-3 of a new larger wave up.
Today is unclear what the mid term direction of the market will be. The direction will likely be dictated by earnings and Fed policy speculation.
Need to wait for next week - today is a day to pause.
The weekly charts turned bullish, but our favorite indicator spy:vxx is signaling a down move in the near future.
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