If you are a long term investor, you should remain in cash until we close above SPX 2120 on a monthly basis. Otherwise you are playing with fire.Until then the monthly trend is down IMO and is not a investor friendly market. I sound like a broken record on this.
If you are a trader, most timeframes are on a buy. We need to get down below 2089 before you can start thinking of a short.
If you are a mean reversion player, you could short here with a STOP below ATH.
All depends on your timeframe and how you manage your STOPS and trade.
If we get a monthly close above 2120, then yes we open the door to a lot of higher targets like 2300, 2400, 2500. Otherwise your targets are nothing more than a technical number at this point, without the monthly tail-wind on your side.
Those who have a itch to buy and hold on the long side should be looking at Silver/Gold, rather than stocks at this point.
It would take a helluva reversal today to drop this down below 2120 (cash)... so the SPX will likely close at or near new ATHs today and at the top end of the monthly bar... bullish or bearish?
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