It's always hard to figure out Mondays lately as they seem to be pause days before the market decides the direction for the week. But we are getting up into that zone where a nice pullback is likely. The bulls now are expecting a double top or higher high as the bears have pretty much given up. I find that when you look back at the past you'll see many times where the market rallies up into a resistance zone where a double top hit is possible but it seems to fall short the majority of the times on the first attempt. Rarely does it blast up through it on the first go at it, so this time shouldn't be any different.
There's likely a pullback coming (I'd guess 80-100 SPX points) before the all time high is taken out. Since we are so close now I'd have to think this week will be when that pullback starts. What day it starts though is another story? So I'll just keep this update short and end it here. We are close for sure. Maybe we go up a little more but I'm not expecting any new all time high before a decent pullback happens first. Maybe it starts today, just don't know? I'll just take it day by day and so far I don't have any clues for this morning. Best of luck to you.
