The market pattern continues much the same as the last wave up. Should the market replay exactly the timeline that it ran through last time, SPX should hit its final high on Wednesday, November 26, the day before Thanksgiving.
If volume is any clue, perhaps we will again see a volume surge at the next high. The Inside money knows exactly when to sell.
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Another View: While it can continue to drift higher, is this worth buying here?
Breaking through this channel which has persisted for years would be major major major.
More likely that prices will eventually head down to 170 and 155.
However, another round of QE could push prices out of this channel. Market would then go parabolic, perhaps even doubling. So while I remain bearish, I will continue to hold a small number of call options - just in case . . .
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