The move off the last low looks quite parabolic in nature. There are four price bars now messing around with the upper channel trend line. This looks like a short term topping pattern to me. I was reading today that this is the longest the market has gone without a four day pullback since 1900. I don't know if it is time yet or not, but I have to think it won't be too far off. Unless that kind of pullback has been outlawed of course, LOL. We have had a long string of up Tuesdays. Will that continue or is it time to break that streak?
At 1666 SPX is exactly 1000 points above the bear market closing low. I find it kind of interesting that it closed there two days in a row in a totally random market, LOL. These kind of round number things can sometimes stop a market. However, there is another interesting line here. Check out this weekly chart.
We touched a trend line connecting the two most important tops of this bull market. Will that be enough to cause some profit taking? I guess we will see.
Bob
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