For two consecutive weeks we have been waiting for the S&P to retrace and allow for re-entry into bullish positions. The sentiment from last weekâs note was to maintain current bullish positions and not to add due to the market moving a number of percentage points without a pullback. Part of our sentiment was inaccurate as we were expecting the pullback for confirmation of bullish sentiment. As price continues to move at a wicked pace, we are expecting the pullback/retracement to be sharp given the speed at which the market has been moving.