Grind, grind, grind... the market continues to defy odds as it refuses go down. This doesn't surprise me as we are not in a bearish period, but a bullish one with the strongest part of the cycle starting in the second half of this month, so no amount of overbought technicals are going to work to cause a big move down.
Yes, we can (and should) still get another pullback before the big rally starts, which will likely happen next week some time. Between now and OPEX though we will probably just grind more to the upside and then have a "one day wonder" pullback that quickly gets bought up, which shouldn't be more then 100-200 points at most. I don't think we are going to see any large crash like drop until we first see the blow off top. I know that many people, including myself, have been looking for a wave 4 pullback to the 200 SMA and/or the 38.2% Fibonacci Level, but I don't see it anymore.
That window of time has passed in my opinion, and if everyone is expecting it you know it won't happen. The Fear and Greed Index is going to have to get buried into the "Extreme Greed" area before we top and today it's just "Neutral". When this market blows passed the low 7000's (like 7400+) we'll see massive greed, and if the market does this into the end of this month or early November no one will expect a crash afterward. Just my two cents.
Have an blessed day.
