Not long. Not short. But IMO, top is not in. 1st chance forward is this Friday, December 8th. Then we shall see. All in the spirit of what TT is all about!
In edit, all references unless otherwise noted refer to the SPX. Are the odds high that Friday will be it? No. Can it be? Yes. One step at a time.
I posted the above on Monday December 4th. And yes, I did expect new intraday highs but all we got on the SPX was a new all-time closing high. I knew late Friday that a close at or near the highs would almost certainly lead to a take out of the day's high today......and it did. I've been waiting all morning to slip this post in another new thread that references the SPX or the overall market but there hasn't been one. Anyway, just my opinion of course, but now I see no chance of a top until December 29th. There is the possibility of a spike high on Friday the 22nd with the 29th seeing a lower high but I can't predict that. What I can predict is a minimum SPX cash target. I already have evidence of a minimum move to 2708 cash. An ES(H8) close at 2658.75 or above pretty much cements that in stone as far as I'm concerned. Straight there? Nah. But it's still stupid. With 98.5% of the SPX having reported September quarter earnings, actual earnings per index share are up an INCREDIBLE 1.07% since September 30, 2014. And, since that same date, the cash price is up 34.64% as I form this post. Stupid. As we all know, stupid happens pretty frequently but......as usual.....this time is different! It always is.......until it isn't.......and it always isn't. Selah.
