All in all – markets has so far following the current roadmap pretty clear. As called the correctin few months ago – also calling the rally to new all time highs again with the first target of 1700.
1700 proved to be a resistance as we pulled back from those levels – but as I said , its all about the PRICE/ACTION – you need to see if it is REAL sellers or just a pullback after a strong rally.
When I saw the move down from 1699 SPX I was pretty clear that it was only a pullback before new all time highs and therefore I mentioned a bigger move above 1700 should occur.
This is what we got late week and SPX closed at all time highs at 1710.
Again we got so many bearish divergences all over the place so this SUGGEST – we are near an intermediate high from 1560 on SPX rally.
I however believe we need a bit higher and my very short term target is 1720. Then after this I could see 1735 coming on SPX and probably higher. I will be watching for topping patterns in markets but if i’m right SPX should see a HIGH here in August and start a bigger correction after this.
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