Stocks are attempting an upward breakout, with large-caps leading and yet to clear key overhead resistance.
The most bullish count is a small-degree third-wave advance (Chart 4-green). The most bearish count is that a very deep retrace of a leading diagonal triangle decline ended at Friday's high, requiring an immediate reversal (Chart 4-red). A more moderate bearish view counts the current upswing as a wave B which can accommodate a moderate ATH in SPX (Chart 4-blue). Chart 5 shows how these counts fit into the big picture.
Risk premium is vanishing fast
Bonds show little interest.
