Bumping against a Brickwall

There's a cluster of resistances between 1290-1300, which is unlikely to be taken out in the first attempt. So a reaction is very likely here. The markets have been moving up in a corrective advance the last few days. When the market is moving up in a corrective fashion and making new highs, it means that there's so much bullish pressure that the correction is happening to the upside instead of to the downside, which is called a running correction in e-wave terms. The strong breadth behind the move also confirms the running correction thesis. Based on the strong internals behind the advance, this leg-up is likely to continue for weeks instead of days. If SPX 1300 gets taken out, then SPX 1335 will come in a flash.

I am expecting a 1-2 day scary correction here, which will weaken the bulls resolve and bring out some mega bear warnings from the usual suspects. Then a move higher to fade both the weak bulls and aggresive bears. Same Old .. Same Old !