As I've mentioned before, since last years election all upside projections have been met and many have been exceeded, while only some of the downside projections have been met and almost none have been exceeded. This is obviously very bullish action. Over a month ago I mentioned that there was a projection to 2530 + or - 10 and nothing higher. Not only was that projection exceeded, but we never had a decline below the 2.5 week and 5 week offset for weeks until recently to get a downside projection and then set up the next upside projection. The 5 week downside projection to the low 2550's was given and met in the same day and we now have an upside projection to 2605. Commercials have gotten a little more cautious increasing their shorts, but not quite to a dangerous level. I may be viewing the market more cautiously in this rally phase especially as we get in to early December, but will have to view the summation index readings as we go higher assuming we do. While the 2800 on the S&P is a target projection, I doubt we get there before March April and may have a December January pullback first.
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