SPX target around 1250/1260 area is 61.80% retracement of Mar00-Oct02 downtrend. While market is near the major resistance, it has no sign of sell-signal on weekly chart. Indicators are still bullish.
Sentiment readings are historically high as shown on the VIX/VXN charts. Need to be cautious.
I post my comments on my personal trading website. Your comments are welcomed.
Sharon
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