The bear case rests on failure at the two previous highs and potential for correction of the entire move since 2009. The December correction was appropriately in the area of 21% magnitude of the 2/2016 advance. The correction of the 2009 move should be of magnitude 34%, whether it happens here or after the 3600 peak is approached.
Great watching this unfold with no compelling reason to position strongly. Either outcome is of major circumstance with Cycle degree implications off the Global Financial Crisis low. Primary read remains as previous, with alternate path always under assessment.
The use of a weekly chart this week amplifies the divergence by major indicators ( , , ) all showing downward slopes suggesting caution. Break or confirmation of those trends will assist with assessing direction.