The S&P 500 via its electronic futures contract the /ES printed a poor high on the session. This refers to a high watermark printed as a double or even triple print. It is very uncommon for such a print to mark swing high. Given our recent swing high this morning, it lends a bit of confidence to being long…at least until a new high is made.
UPDATE: Also, reader Matt_Bear points to this chart, where he sees a pattern which may preclude higher prices:Twitter