The latest monthly arrays are showing a panic cycle AND volatility in both the S&P 500 and Dow for February, and the weekly arrays are showing this week as a panic cycle. I wouldn't be surprised to see a massive blowoff this week to shake out all the shorts and get everyone on the wrong side as Martin talks about, especially considering the lack of pressure from any weekly reversals in the DOW between here and 25966. That kind of rally would also go through 200 DMA in the S&P 500, which would be perfect for squeezing out every last short. We don't even have any daily reversals in the S&P 500 until 2785.
With that said it is possible the rally today could be the high and we gap down tomorrow, but I am leaning towards a bigger "blowoff". Whatever the case, I think this is a crucial week and I will be paying very close attention. Gold hasn't dropped much yet but I'm not worried, all my sources of analysis are saying the high is in so I would be very surprised if we broke towards new highs.