Have a feeling the SPX is building up for a blow-off top. Incredible momentum in the index at the moment.
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2940 seems the logical short term target on the back of last night's breakout (3.8% upside).
3100 seems to be the stretch target sometime in February imo (9.4% upside).
The last legs of a strong run like this are generally the quickest. From the top I don't think the market will necessarily plummet right away. Some form of a wide topping pattern is more likely; there is a lot of bullish inertia in the market at the moment. Bar a crash circa 1987, that form of inertia doesn't turn on a dime.
- Where is the perma bear Martis ? he may finally be close to his endless prediction year after year of the imminent arrival of the 4 horseman of the apocalypse. anyone know why he got suspended ?
