Tues, Feb 8

The market has yet to pullback into its next daily 50% measured move long at 1291.5. In order to see such a pullback, the bulls have to fail on the 15 min time frame. That will give the bears the opportunity to sell the first setup immediately after the bulls fail. If the bulls continue to buy each and every setup, as they have in the past two days, its possible we never see a full pullback into the 1292.5 retracement. Instead, as the next move long, we'd look for another extension long drawn from recent highs at 1299.5 to the new highs. Its important to note that since the market continued higher on Tuesday, the next full 50% daily retracement is now 1292.5. Because new highs were formed the fib should be redrawn to those new highs.