The target for the SPX is about 1377, and we are getting very close, and also getting to the point wher the indicators are showing some weakness coming. MACD is starting to drop, RSI is getting overbought and will likely pull in again, and price is about as far above the 200dema as it was below it in October. It is likely we will have a pullback soon, but with no distribution showing up, it won;t last long.
Crude oil found a resistance level at 109 and pulled back. That may be marking the midpoint of a new trading range, the top of which is about 115.It may come back to 103, and if it holds there, watch for a big move up.
Gold isn't waiting for oil: it broke out of it's range last week, came back to test the breakout point and movedd out today. If anything, gold is now proving that the correction it went through is in fact over, and it is headed for a retest of the previous high. That may take a few weeks, if not months, but there is plenty of room for gain in between.
This is getting absurd. 5 days up, 5 days down. I guess you could make something off this if you were heavily leveraged, otherwise there is no point.
The US Dollar is now at the bottom of a range between, roughly, 78 and 82, and I strongly suspect will not go below the 200dma without some major intervention by the Fed. UUP was down today, so this probably was as well, but UUP stinks as an index tracking ETF (otherwise I would use that chart). Thn market used to follow this tick for tick, and even though it isn't now, the rally really did not kick it into gear until this started dropping. We will probably get a chance to see if it can continue with this going up.
Oil is taking a pause, now that it is in the headlines. Once the news moves on to something else, watch ffor it to start moving up again. The market may rally with it, but only for so long.
I will have the new highs update shortly.
