Sellers are laying low for the moment. But a push higher, if it occurs Monday, should bring out some selling.
If the market can pull off another big up day early next week and finish higher than say 1220, that puts the Minute [iv] count in jeopardy. But bonds were being bought today which may be signalling another setup for some heavy selling next week. 1200 will be tough to break back through and then hold as support.
With the McClellan's Oscillator back to only -8, the market is not oversold on a short term basis. Sentiment is horrible still but it is supposed to be at the lower depths of a Minor 1 wave. The key of course if lower lows than 1100 prior to anything higher than 1258 SPX. Thats a wide range yes.
In fact, the market certainly is in its "new" trading range of roughly 1100 - 1200. It may stay there a while in finishing Minute [iv], then Minute [v] down breaks under the range and Minor 2 takes us back through the range and pokes above.