The TOP For The Year Could Be Put In Today
Yesterday we hit a new all time high on the SPX, and again on the Nasdaq, but the ES Futures fell shy just a point, so if all goes well they will put in that new high today and take out the last bear before the big drop starts. Failure to put in a new all high today will completely throw off all timing cycles and allow further upside in the coming days and weeks.
Of course I'm rooting for this last rally to happen today as then we can drop the market hard next week and give the bears a feast to eat. In the futures the current all time high is 3959, so if the bulls can take that out they should be able to squeeze up 20-30 points over it to run the stops above there (but just one point will be acceptable).
Keep in mind that a new all time high could happen in the futures after the close today, and that would still be valid for meeting all the requirements for today to put in the last high before a big drop. However, we also need the SPX to make a higher high today during the normal market hours.
It would be perfect to see it hit Peter Eliades 3965-3981 zone, but again... just 1 one would work. As for his higher level of 4103-4314 (from his last video) I don't see it hitting now. That could change if today fails to produce a higher high and instead pulls back all day. Then I'd have to start looking for the next major turn date, and that would stink as this one is so close to being met.
I don't think it's possible to see the Nasdaq hit a new all time today, but the DOW certainly could. The more indexes that hit one the better odds for this being the top, but I'd want to see at least the DOW and SPX (and ES). The Russell could do it too, which isn't required but would be icing on the cake.
It's do or die time for the bears as all they need to do is allow the bulls to run up higher today and then that's all for them, as the bears would get the ball next. Can they do it? I don't know? But I'm patiently watching and waiting. Have a blessed day and wonderful weekend.
P.S. Needless to say if we get a new high on the ES today I'm shorting this pig with both feet. Then at that point I'll be looking for sub-2000 in 1-3 months...