The sp500 appears poised to trade eventually into new 52 week highs again. I do not know exactly when it will happen but it is starting to appear likely that it will happen.
This is going to be interesting because we have once again gold and silver blasting higher and the sp500 looking like it wants to play ‘follow the leader’.
I am still very interested to find out how the sp500 and both the gold and silver market react to the Mid June 2011 8.6 Year Marty Cycle Date.
If the sp500 does trade to new highs and keep pushing highs, it would seem that mid June would offer a very interesting potential turning point. Whether or not there exists a trade from that point remains to be seen, but it sure will be interesting, especially since we have had to wait 8.6 years for it to get there.
BestOnlineTrades volume analysis observations during the credit rating downgrade appears to have been correct. The decline did not match the news and this market looks like it wants to trade higher from here.
The market continues to confound a big majority. It keeps pushing higher on ‘bad news’. And individual stocks continue to push higher in strong up trends with each doing individual corrections back to trend that creates a melting pot index that slowly pushes higher.
Upside as far as the sp500 is concerned does seem like it will eventually run into a glass ceiling, namely the 1470 range, or about 10% higher from here.
So upside does seem limited. I am going to be SHOCKED to see this market trading at 1470 on or near June 13, 2011. If it is, it will likely be sounding some huge alarm bells.