Happy Easter (to Easter-celebrating Slopers out there). This will be quick (which will be the case for the next three days across the board). Regarding the S&P 500 chart………..
I've been citing something just north of 1,000 on the S&P as the countertrend target for months now. My failure – – and I consider it a big failure – – has been, my IRA notwithstanding, not taking advantage of the rise that I've been pointing at again and again.
By my measure, we are over 50% of the way there, but there's still plenty of upside left. Those huge white candles obviously represent a lot of strength. I think ~1,000 works for three reasons; one, the Fibonacci retracement level; two, the underside of the broken channel; and three, psychologically, getting just above 10,000 on the Dow would be just the sort of "Phew!" event the mass media would love to talk about.
Again, Happy Easter (or Passover, or Flying Spaghetti Monster buffet, or whatever you celebrate).
