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While both the SP & ND have reached key price objectives and are quite extended,
looks like these two indexes are going to power the market to significantly
higher highs. An SP move to 1150 would confirm some longer relationships on both
the daily and the 30 min. My minimum projection for the SP, based on the daily
charts, is now 1215 and I don't think it's going to take a long time to get
there. I would expect any decline here to be small (1136-1140) and quick.
Also, looks like SB may have a pivot low in place which will support a move up
to the 8.50 area. Shape of any thrust here should tell us if this will be a good
shorting opportunity or time to get long with the commercials.
Earl Adamy
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