The melt up continues, though TPTB might allow a pause or even that overdue pullback in response to the atrocious attack in Nice, France.

continued for members… The bottom of ES’ rising white channel is very well defined, so it should be fairly easy to spot any crack in the rally.  With the SMA10 (2122.7) now above the Jun 24 highs, it’s much safer to allow a modest breather.But, it’ll be Monday or Tuesday before SPX’s SMA10 reaches 2138, so I can easily imagine them waiting until after the weekend and then gapping down a bit.Note that the SMA5 20 (white) has been a very reliable short-term gauge for day trading the eminis.Last, note that VIX made a new low for the year yesterday at 12.14.  It hasn’t been lower since Aug 2015.