The market has seen lots of excitement with buyers pushing prices higher and pundits touting the Great Recovery.
As people get overexcited, we get nervous. We highlighted the 1,015 level in the S&P as support for this move because it is a 38.2% retracement of the entire down move.
Friday we saw it hit that level before pulling in for a doji close. Individual stock are signaling the market top could be coming, as leader GS seems to have lost its mojo. The new upper range in big cap tech will need to be resolved at some point, and with their prolonged strength it would not be surprising if it was to the downside. Stocks are making unhealthy moves, like POT, and other worthless companies like FNM and FRE are even going higher. Too much excitement and buying frenzy forecasts an impending top, so stay tuned