Bulls can take this much higher as long as there is still fear in the market, and there is still too much fear: both VIX and VXX are still at relatively high levels.
On he other hand, there are only so many chances the bulls can get and so far this morning the attempts to rally have fizzled away but markets are still up on the day.
Short-term - nervously UP (this goes to DOWN if we break today's low)
Medium and long term - DOWN
Traders want to tell TRUMP to sit still, there is enough stimulus, no more spending or else too much of a good thing will crash this market. No more debt, no more free money will help the bullish case but it seems the die is cast so expect lower markets.
Edited by dTraderB, 12 February 2018 - 10:25 AM.