On the first day of the second quarter the SPX broke above short term charts resistance and confirmed a Gold Cross. This is a very bullish signal, In my 3/31 post I speculated that fund managers could be the catalyst for this type of move. If it was fund managers there's likely to be more upside in the next several days. The big money boys need time to build positions. Markets are drawn to support/resistance areas and the next one for the SPX is the all-time high around 2940. Between todays high and SPX 2930 there is nothing but air. Its possible the SPX could reach 2940 in one week.
My long term target for a major SPX top is 3047- which I have discussed in many posts.
Mark
My long term target for a major SPX top is 3047- which I have discussed in many posts.
Mark