The put/call ratio has spiked back to more normal levels:
If today's gap up does not fail, the ratio will probably set up for a short term top for tomorrow's opening or Monday's, around the 1120 level.
Late bulls can watch the 1103-1104.25 on the ES for an opportunity to go long. I think the market can go as high as 1117 today. A strong finish for this week would have bullish implications for the weeks ahead.
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