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[blustar]

This market is making records! Never has the SPX gone this long above the 200 day moving average without correcting back below it. We are seeing extremes of call buying and sentiment combined that we have never before seen. Eventually, this will end badly and the key word there is "eventually". The beat goes on. I mentioned the 46 week cycle top a bit ago that it was due around June 20. It actually topped yesterday and has a similar signature going back to Aug 2 last year. The market today looks like it may end down 2 pts for the day and pretty much do nothing. If it follows the same pattern, we should be tagging 1935 by Tuesday with wave 1, the next 8 TD low. The way it is tracking, it is targeting July 16 for the eventual low, the Bradley turn and 20 week low + 3 weeks. My price targets are SPX 1866/74 for the down side. An important lower top is due June 30 and then a larger wave 3 down into the day after the 4th of July (a Monday) is due. Then we deal with waves 4 and 5 into July 16. Overall, it looks like a 4-5% pull back coming. The pattern is bullish, so higher prices coming. There is an important low due in early/mid Sept, the 150 TD low +/-. Things should get choppy between now and Sept if the past is any example. The 12 yr Kress low may not show up this year as it has in 1966, 1978, 1990 and 2002. 60 years ago in 1954, there was no major low.