Strength of the Bounce

It is a bit too early to tell how strong this bounce is, but yesterday gave us some clues. We should have stayed around 1170 after strongly rejecting the early lows of 1155, but we faltered in the 2nd half and closed at 1163. That is coming after a big down day the previous day, which gives it more meaning. The action speaks for the market to consolidate between 1160 and 1170 for the next few days. I still believe we will be going higher by later this month, but we will likely spend some time at these lower levels.