Color Me Skeptical

The E-Mini S&Ps made a new all-time high Wednesday with little fanfare. Presumably, there will be more drama if and when the cash S&P 500 Index follows with a move above last May’s record 2134.72.  A print at 2111.05 was as high as it’s gotten since the epic bounce began from the February 11 low, 1810.10. I’m unpersuaded that a significant bull leg is about to unfold above the old highs, but I’ll let technical indicators alone continue to instruct me as to how to trade the rally.