Peak Complacency

Rarely do I tune in to the Main Stream Media, but yesterday was an exception ( re DOE release),  and the uniformity of acceptance that the "recovery is here"  was striking.

Maybe that's started changing somewhat today.

SP has retraced 50% of the last months rally. And while there may be a bounce in the works, not only is the long term resistance at the highs still going to be there, but we now have a some intermediate resistance in the form of the previous support trendlines and the new channel.