the S&P appears to be caught in a holding pattern ahead of Friday’s big employment report. While the near-term work on price structure and momentum still favors the bullish case, the significant amount of technical resistance between current levels and the January highs will give the bulls more pressure than they’ve already had.

在週五重要的非農就業報告公佈之前，標普似乎處於一個等待模式。儘管近期價格形態和動能依然利於多頭，但是當前價位和1月高點之間的重大技術阻力給多頭帶來了極大的壓力。

current trading environment is excellent from the perspective of diminishing volatility. Given that falling volatility means that investors are less nervous, which is the first step toward a full recovery. If volatility continues to fall, higher stocks prices should be expected

從波動率不斷縮小來看，當前的交易環境非常不錯。波動率下降意味著投資者恐慌情緒在降低，這是股市邁向全面復甦的第一步。如果波動率繼續下降，股市應該會繼續走高。

after a much needed consolidation that took some excessive bullishness off the market, stocks, as represent by the S&P 500 index, are moving higher once again. Right now sustainability is the critical question. If the market can continue rally past the May high at the 930 level on the S&P, then we could go straight up to 1000 by the end of May, or the first half of June.