Draghi came out again with guns blazing promising more QE and even lower rates. This has given Europe a huge boost, and a smaller boost to the US market. Remember that ECB's QE announcement earlier this year just made the euro weaker and caused US equity investors to worry about a stronger dollar. So what is good for Europe is not necessarily good for the US in this case.
I have reduced my ES long into the pop premarket, but I will buy on any weakness later today or tomorrow. Still a dip buyer's market but we are getting later into the rally phase and you will get more choppy trading behavior.
Keep an eye on the euro, a weakening euro is definitely not what the S&P wants. Treasuries and Bunds look like they are invincible now, with all central banks dovish. NIRP forever.
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