Mr. B here with a few observations.
NYMO remains well above the upper resistance level. While it did not break all time highs at the peak, the cumulative above the upper turn threshold is probably breaking records.
Price has bitten solidly into the resistance burger and looks soon to reach the middle keltner band, the 50 day SMA and the beef patty of resistance above 2631.50.
Of the three scenarios suggested when NYMO broke the upper turn zone (peak, consolidation, bull stampede), the price action has been consistent with bull stampede analogs.
The steep bear channel (marked in lavender) has been broken this morning.
The lower keltner band has turned up.
All this is solidly bullish.
That said, I want to see what happens after the middle keltner is recaptured. It is not unusual to see price range around the middle keltner before making a decision to proceed to the upper or go revisit the lower.
I do think the gap target at SPX 2650.54 is close enough to act as a magnet at this point. That is also a place where patient bears could pull their trigger.
To declare the bear dead, I would like to see a weekly close above the 50 week EMA. That wouldn't preclude some kind of low retest.
I am also curious about a possible shallow bear channel (marked in dark blue with orange extensions).
It looks weird because of all the price action above the upper bound, but it captures remarkably well what NYMO was saying during the late summer.
After the upper boundary was pierced on July 9, NYMO went negative and stayed weak while price made divergent highs.
Essentially a broad swath of stocks started correcting in July while a narrow set (think FAANGs) lifted the index.
When the narrow set gave up the ghost in October, price reconnected with this channel, and after a bull/bear fight dropped into it formally.
So, if the channel is technically salient (big if), we should see NYMO wilt around the upper boundary and possibly get a tag and turn.
Something to watch if it occurs. Sorry if this is a bit long winded...
I am still long the R2K.