The last post, "
S&P500: Wave 5 underway", more than 2 weeks ago, suggested a target of
1255 in the near term. Last session, SPX hit a high of
1256. Are we about to conclude this uptrend since Jul-10? No one can know for sure. But going by the bullish sentiment (refer to last post for chart) & overbought oscillators, it would not hurt to
err on the side of caution here & take some off the table, for a short-medium term trader.
Note the slight
negative divergence on the daily chart. Of course, this uptrend could continue and hit the upper line of the wedge, before it stalls. Support is at
1220 area, which was just broken out of, followed by
1175.
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