SPDR S&P 500 (SPY)

[risk on]

Psychologically , yes, but as it stands, unfortunately for puts, the reprieve from the world drama , thè time before any rate increases, which may already be priced in on some level, and even decent overall earnings , could spell a real surge over the next month, w some intermittent cooling of oscillators along the way.

On the flip side though, oscillators are cooked now. The continuing of putting in higher highs ceased back in Jan, except for one minor exception a couple months ago, and there are still several potential market shaking situations currently in play.

So , 212 is important , for the longer chart IMO . If the month of July fails to see a real break above that high water mark we saw a couple months ago , then the " flat top " pattern is still in force, and may eventually be the signal that precedes a correction , as seen multiple times on the long chart.