Today the SPX pushed above very important resistance at 2816 and .786 Fib resistance. The door is now open for a run to new all -times highs.
Last week the Market Vane Bullish Consensus was 52% down from 53% the week before. Important stock market tops occur at readings of at least 65%.
Its amazing that after two and a half months of a powerful rally the crowd still isn't getting wildly bullish. Daily Stochastic is not in the overbought zone which implies near term more rally. Seasonally US stocks are bullish into early May. My target for a significant SPX top is 3047.
Mark
Last week the Market Vane Bullish Consensus was 52% down from 53% the week before. Important stock market tops occur at readings of at least 65%.
Its amazing that after two and a half months of a powerful rally the crowd still isn't getting wildly bullish. Daily Stochastic is not in the overbought zone which implies near term more rally. Seasonally US stocks are bullish into early May. My target for a significant SPX top is 3047.
Mark