Yesterday, cash officially captured my next near-term target of 3520-25... today it's going to launch higher right at the open. And when we look at the recent charts, we can immediately see what triggered this reaction:
Bigger picture, I still expect we're going to run higher to ultimately test the black trend line -- and here again, note the value of this "simple" chart. I first pointed this out when SPX broke out over blue, and it's done nothing but run higher since that breakout:
In conclusion, there's nothing much to add regarding the market. At some point we'll get a correction (presumably the market cannot run to infinity), but we'll just, as I've said for a while, have take that as it comes. For the bears, think of it this way: Even if there were to suddenly be a sharp turn lower, if it's going to go anywhere meaningful, we should have plenty of time to get on board. Trade safe.
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