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US Equities Stretched, but breadth impressive as stocks recapture 60% or prior loss

Breadth far stronger both Yesterday and today than something that could be called a "Dead Cat Bounce"  about 8/1 positive today while volume is flowing at around a 9/1 pace into UP vs DOWN stocks.  Overall prices getting stretched, but I DON"T SEE any immediate resistance here, now that 2040-5 has been surpassed and not much until 2075-7 TOMORROW for S&P SEPT FUTURES-  Couple things to note of importance.  S&P, DJIA both BACK OVER June lows which were thought to be potentially important resistance.. So this eliminates this pattern from early June as being any kind of impulsive Wave from an Elliott perspective.  SO these are both Positives along with Breadth to think this BREXIT pullback is stabilizing.  We still can't completely rule out a move back to new lows, but would be used to buy heavily into early July as momentum and Breadth have been sufficiently positive in the last couple days that any pullback will be rife with positive divergences in amount of FEWER stocks hitting new lows, Advance/Decline divergences etc.   Demark Intra-day patterns NOT yet complete on 120, 180, or 240 min VIX chartsand for S&P QQQ , also not complete on the upside.. Crude meanwhile continuing higher above 49 with key resistance near 50-  One important negative for this recent move, which has been mentioned-  Treasury yields showing hardly any rally off the lows.. And most things line up with another 3-5 days of weakness before these bottom out.  For now, Financials rallying despite yields moving higher. +1.64%  and for now, 8 of 10 sectors HIGHER by more than 1.50%.. No sectors down, though Utilities lagging badly, despite no rate rise-  Overall, given the NEGATIVE tendencies of end of Quarter/ end of month for JUNE-  down 17 of last 24 and also a sharp two day rally.  Makes sense to take some off the table heading into tomorrow.. But any close back OVER 2076 in S&P has to be viewed quite positively and would be forced to chase.  For now, technicals remain quite positive on a 2-3 month basis, expecting new highs, while still tough to embrace this rally for anything more than another 10-15 S&P points.  MUR, MCK, RIG, STX, UA, KMI, WDC, PRGO, all up OVER 5% today.. While on the downside-  SWN, AA, CBT, EQT, CLX all lower than 1%.     OVERLL USE further gains to 2075-6 to hedge.. But would not add to shorts at this point given S&P has already gotten up OVER our 2040-5 area, and now shows some signs of extending a bit more-  Let me know if you have any questions

S&P now back OVER prior lows from mid-JUNE-  A definite positive structurally, though Nasdaq has NOT yet accomplished this feat and is right there-  A bit more strength could happen into early tomorrow to 2075-6, but prices getting quite stretched now on the upside on intra-day basis given the last two days of rally

Incredibly enough, VIX has wiped out ALL of its pre-BREXIT gains and back down to the lowest since early June-  Still a bit early to buy VOL but at end of day or early tomorrow some opportunities could emerge