SPX - Don't get fooled by impressive runs

24 dic 2014
Just observation.

- So far in the last 6 months, all tops are aligned.
- The progress from top to top has been 6%, i.e. 1% per month (matching the log speed limit since April 2010.
- Each re-attack upside is faster but has so far always been retained by the same capping line.

More verticality without effect?

Scary for shorts but not healthy for longs.

In any case, it seems to me this line is likely to hold, therefore, in 6 months. SP500 should be capped at 2210.

Locally: progress should be capped at 2110 until mid January15 if there is resilience without breakout.