Here we are (almost)... right up near that FP on the DIA this morning. I do expect it to be hit sometime today during normal market hours, and if it marks a turning point (I think odds are for that to be the case) then I think we'll see the low 3000's on the ES/SPX by this Friday. Everyone should be nice and bullish after today, and will buy every dip looking for 3100, 3200, etc... But that shouldn't happen on the first attempt, and especially since we have a FP that's about to get hit today. LOL... just as I was typing this update the DIA surged up and hit 275.00 on the nose!
Needless to say gang I'm a bear now and will look for a short today. Overall I do think we are going higher into the end of the year but we should pullback this week as upside targets have been hit now, and we are quite overbought on the short term. I see no reason to make a long drawn out post today. It's pretty simple... the FP has been hit, upside projection ranges/targets have been hit, and we are very overbought. Time to look for a pullback this week. AKA, time for a short. I don't expect anything huge but 3000 area is more then likely on the SPX/ES by this Friday in my humble opinion. Good Luck and have a blessed day.
