We are seeing a fairly stable, relatively narrow sideways range just above today's SPY Pivot (between $80.90 and $81.75). That puts the bottom end near the price cluster observed just before yesterday's final leg higher. Internals are mildly negative, but not in a deteriorating state.
Overall, impressive performance after a 7% up day. Speaking of which, on the margin, my research last night indicated that rare power moves like yesterday tend to be greeted with moderate give backs in the two days that follow with the tendency being stronger in the NASDAQ 100 versus the S&P 500.
Reading: BZB Trader's Bucket List/ VIX & More on Trading Rules
08/28/2014 Market Outlook (Bull Flag)
3 hours ago