If we are indeed breaking out to new highs, here's some Fibonacci extension targets to watch.
Yesterday we hit the first target at 2869 and set a new all-time intraday high of 2873. The next area will be more formidable to conquer, as two extensions align pretty closely from two different swings. Therefore, I'm viewing it as a zone, which is 2955-2965. Beyond that, 3083 is the my final target based on current data.
I would like to point out that this range we've been bouncing around in happens to also be the 227.2% extension of the highs in 2007 to the lows of the financial crisis. As such, it will likely take some time, and perhaps some more severe flushing out, in order to move significantly higher.
I'm still hedging... if we don't resolve to the upside rather soon, the SPX and transports ( DJT / IYT) could be considered to have formed a double top, which could result in technical selling, as well as allocation adjustments from equities to fixed income or other assets.
I'm packing an umbrella, but enjoy the the weather while its nice for now.
Yesterday we hit the first target at 2869 and set a new all-time intraday high of 2873. The next area will be more formidable to conquer, as two extensions align pretty closely from two different swings. Therefore, I'm viewing it as a zone, which is 2955-2965. Beyond that, 3083 is the my final target based on current data.
I would like to point out that this range we've been bouncing around in happens to also be the 227.2% extension of the highs in 2007 to the lows of the financial crisis. As such, it will likely take some time, and perhaps some more severe flushing out, in order to move significantly higher.
I'm still hedging... if we don't resolve to the upside rather soon, the SPX and transports ( DJT / IYT) could be considered to have formed a double top, which could result in technical selling, as well as allocation adjustments from equities to fixed income or other assets.
I'm packing an umbrella, but enjoy the the weather while its nice for now.