Since the May 1 breakout of the Bullish Inverse H&S, above 877-875, the SPX has rallied 190 points, and has rallied 400 points off the March low. Goldman's year-end price target of SPX 1060 got MADE yesterday as that index got to within about 17 points of the 1085.24 target that still is IN PLAY. As we discussed in the post "Broken Indicators...Broken Systems," sell signals in a strong trend like this haven't been reliable. The most bullish thing that a market can do is to get overbought and stay that way, as this market has done.
2 comments:
Haven't had much to comment on or question in your posts recently but I wanted to say Hi and let you know I still find them helpful and informative. Thanks for your work
melf,
looks like the market is starting to turn over today. would you consider the target made at today's high just shy of 1075?
I see a bearish wolfe wave forming in PCLN. (broke out yesterday at point 5, today it has fallen back in the channel)
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