For now despite the many skeptics out there, and those who are allegedly in the know. This market is still in a bullish position. If you take a look at the weekly chart, this market has been shrugging off debt ceilings, tapering, bad earnings, and all the rest. And without even taking all that into account you can see that the market remains within its very nice upwards channel lines.
Ok, eventually this market is going to need to take a break soon, and we are the first ones to admit that, but for now we would not be surprised if we saw 1900 on the SPX soon. Or targets would be within the 1890 - 1900. Some might laugh at those levels, but one must remember the market can remain at unrealistic levels before traders out there become insolvent.
Honestly, it was a brutal year for the bears last year, infact the last few years the bears have been hugging the porcelain dry reaching to what they have become witness too, but I do have a funny feeling the bear carnage is not over yet. Once again take a look at the weekly chart below.
Uptrend remains intact for now.
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| spx weekly chart update |
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