well we agree on direction but not interpretation. A blow off top? Hardly. That would mean like up a number with a 2 handle. i call it another failure of the last top and that's like three maybe? Three failures at triple top.
I think tomorrow we see an outside day. Bot as resilient as this toid market has been I won't forecast beyond that..
blow off tops need volume to confirm the "blow off". There are still huge amounts of sideline money looking to pour into the markets.....with bond yields so low, commodities and equities will be the asset classes of choice. Rising equity prices and the accommodation of global central banks will suppress volatility. Barring a short term trade here and there you should be shorting volatility while the fed debases.
I would love to see double top at the all time high. But, the market is just too crazy. Loaded with various stock shorts and call shorts, and with VXX shorts & XIV longs as hedge. Getting nervous with XIV long but I haven't been very good with market direction so just hanging on as insurance. Wish I don't see another leg up in S&P.