In summary, everything appears fine, $SP made a new closing all-time high twice this week, but it has not made a new intra-day all-time high since July 29th, so its actually traded in a very tight trading range between 4370 - 4430. A break out of this range in ether direction should give us some momentum.

TLT

As rates go higher there is more pressure on the FED to taper sooner than later. Something to watch here is whether TLT stays down this time or dip buyers come back still calling the taper a bluff.

ZVIA - a different view

 

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