The stock indices continue to stubbornly maintain an overall bullish tenor in spite of a recent increase in volatility. The initial signals of a potentially important high given by the indices last week were quickly negated. Divergences persist, but unless/until the indices can close below last week’s lows the path of least resistance in the intermediate term is higher.

The wide ranges and “spikey” activity are signs there is a Bog Money battle at present over directional domination. We’ll fine-tune the important levels as the week wears on.