So can this top be the next P2? After so many shots will this be the market turn or will it continue up forever?
BPSPX:CPC crossed back over again and I am convinced there is a higher top yet to be achieved. The time frame for this will be long enough for the 30ma to cross back above the 50ma. In other words, I am not expecting the current pull back that should start in the next day or two to be the beginning of P3. (Now that I have said it, it probably will be :-P)
There was positive divergence on the VIX. A new SPX high was made, but the VIX did not make a new low. This should point to a pull back in the next day or so.Also, if anyone was paying attention, Dow transports made a new high (confirming the high in DJI for the Dow Theorists). I suspect this rally will continue for at least a month or two longer (with a modest pullback coming soon).
