You have to wonder if there is a difference between a short term and long term time frame. Short term, there is a positive bias that is conflicting with a longer term bias. The strength of each is obviously a factor in the time element.
For the short term, the amount of Inflowing Liquidity has remained high, so the current bias relates to that.
Take a look at the chart of the VIX that we posted below and note that the VIX has been moving down and testing its support line. As it moves down, the stock market moves up because the VIX moves opposite to the stock market.
Seeing that there was a recentÂ upside breach on the most recent fan resistance line, there is a very strong possibility that it will be retested on a longer term basis.