The bulls did a great job of holding the market up all day yesterday to keep the bears trapped. This morning they are continuing that plan and even made a slightly higher high a little bit ago. The jobs data produced a small pullback but it's about erased now. All looks good for the bulls to continue the march higher into next week. At this point the "possible" FP of 300.84 on the SPY is looking more and more real, and could be the upside target for early next week. That would be a little over 3000 on the SPX/ES... like about 3008.40 I'd guess. This is really going to frustrate the bears, but that's exactly what it's supposed to do.
Once the even number targets of 27,000 DOW and 3000 SPX are hit and pierced through you can bet that everyone will become super bullish looking for a new all time high. The bears will flip to long and become bulls. The bulls will be bigger bulls. The northbound train will be trying to climb the steep mountain with an overload of bulls onboard. That's just when the engine blows and the train will start falling back down hard and fast with no brakes. This is what I suspect will happen.
If you are a bear then patience is the key here. Start rooting for this grind higher to continue into about next Tuesday to hit that FP on the SPY. If we get that and don't see any large pullback between now and the close on Tuesday then my bet is that all the bears will be put to sleep or will have flipped to bulls, and that's about the time I'll be shorting with both feet and hands as I expect a cliff dive move to start the very next day. Have a great weekend.
