|Just another hat tip to Wolfgangrene for posting the SPX target (2485) many, many years ago. It will be interesting to see if we start rolling over here, as there are plenty of reasons to take profits and wait for some sort of correction. I've been pretty bullish on the markets overall but have to admit being much more cautious in the intermediate term. There's still plenty of liquidity in the equity markets and even though most are bullish, there's no real reason the US indexes have to stop their ascent...with the possible exception of some of the dysfunction in Washington.|
Short term, we closed the gap in the SPY chart this morning (from a few weeks ago) and have seen some buying reverse the 2 day collapse. It will be interesting to see just how far the buying goes, especially since we have options expiration today.
Both of W's charts are worthy of study, IMO!!