No matter how it got there, the bottom line analysis is that another second wave has reach its 61.8% Fibonacci level and the market is ready to turn back down. This time the momentum oscillators are all at extreme overbought levels which does not allow for more than marginal further strength before a new leg down takes over. For options holders, time is the enemy and Dec 16th the best situated expiration series for index puts and/or UVXY calls. SPX Daily Close Chart Dec 16th option expiration = 5 weeks
