The strong upward thrust off of 1040 changes the technical structure. We're likely to make marginal breaks of the highs in June and August, perhaps to 1140. It should take at least 3 more weeks, around late September. There should be a pullback next week down to 1090, to fill the gap left by the nonfarm payrolls report. From there it should be a grind higher to 1140.
We have a long weekend here and it's time for some rest and relaxation. Enjoy the Labor Day holiday.
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2 comments:
It seems unlikely it will go that high.
There is a sudden return of complacency - a double dip recession is now off the table, etc.
There isn't a fundamental reason that it should go higher, but the hedge fund community will likely chase performance for the next few months, despite the weakening fundamentals.
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