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A few months ago when I projected the Dow cash target of 9800, who would have thought that it could be met so quickly? But there's a reminder here too; on the stock index charts that we work with, only the S&P cash has an outstanding upside target remaining, the 1.272 extension at 1100. That doesn't mean that these are going to fall, but it does mean that we're getting into price areas which represent the completion of major swings. Without additional resistance breaks, we don't have upside targets which have been “activated” to pull price higher. So if we're going to see a correction, this is a good reminder of just how extended index prices are at this point – particularly if we see that 1100 on the S&P! So far though even any intraday price failure has held at time and price support, so we continue to work with long side.
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