Muddy

SPX closed in the muddy range...2103-2114. Such strength back above key moving averages and price-volume s/r along with the BOW day, overlapping waves and lack of rapid EDT collapse all support a retest of the highs. However, due to the time, price and pattern that converged a few days ago along with a lot of other bearish evidence, I still favor downside scenarios into mid-May. I'd like to think next week will be decisive, but...today was a small SOS day making it unlikely SPX would take off more than 1% to the upside for a few days and the next likely catalyst (jobs) is not until May 8th so who knows. Muddy. Good fortune.

P.S. I'm keeping this "Muddy" post because nothing has been cleared up. Today is forming a 2nd consecutive SOS day which should keep upside in check and allow another down leg not to mention VIX made an odd divergent spike low at the open which quickly disappeared. However, technically speaking from the charts, many hourly indicators reset on the last downturn and still have a lot of room to the upside if Mr. Market wants to. Max option pain for the next 2 weeks appears to reside near SPX 2100 if the market intends to keep things muddy. Last Monday's price, time and pattern convergence still has me leaning bearish into mid-May but less so as time fades and price sustains. Good fortune.