It seems to me this week is going to determine an extremely important question: whether the market has exhausted its rise already, or whether it has several more weeks or even months to go.
I have almost zero doubt in my mind that the market is going to plunge to 925 on the S&P in the coming months. What I'm totally uncertain of is whether the run up is pretty much we're we are at now (see the middle horizontal line below) or if there's another meaningful push higher (the upper line).
The lower horizontal line, I am confident, will be broken with gusto. When that happens – – and it could be as last as this autumn – – is the big question.
