The market has been choppy and flat so there's not much new to report. Some warning signs of the bullish move are surfacing but none are confirmed, so the market may continue higher indefinitely. The wave count looks mature on at least a short term perspective. The market appears drawn to the 2100 level I have been targeting for months, and it should find at least a minor pullback after hitting that level. Right now I'm just waiting for confirmation of several bearish indicators and will report them here when they surface. Until then, I'm patiently waiting for the bulls to run out of gas.
Another piece to consider today is the divergence between the S&P and the Russell and S&P MidCap indexes. The S&P is outperforming the two significantly, as I assume it has a key level to achieve today of 2100. So we'll see if this divergence holds into the close today. Usually, when a divergence like this holds all day, it results in some pullback the next day, if not a a large bearish move.
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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