I believe the pullback will target about 1280, or wherever the rising trendline is at the time that we get there. Then we will experience our last short burning surge that will most likley be a false breakout over 1326.
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Key Levels
Upside -- 1315, 1325
Downside -- 1300, 1271, 1257, 1230
odd.. we down to only 4 areas of downside support..
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SPX Daily (12 Month)
MACD and Stochs are rolling over. What felt today like a bear trap was really just the market bouncing off the bottom of the bollinger bands. By the look of the futures, it appears we are going to make a small run at 1320 again, but I wouldn't be surprised at all if the green in the futures turned red over night because the market is primed and ripe for it right here.
I've also outlined our likely path. The 50 and 100 DMAs will be key here. If we get back under those, then there may not be one last surge, but I think there will be. There just hasn't really been that hardcore short burning push north with the reversal (usually intra-day) that is so key to putting in tops.
We should be in the sauce by end of March, if we aren't already starting.
GL
CJ
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