Wednesday May 31, 2017 11:59 pm edt.
The S&P 500 ($SPX) has been on a major run inside a long term bull market ever since the “GOP3” (Republicans took control of Pres/House/Senate in the Nov 9, 2016 General Election) as Futures on Trump winning the Presidency went as low as 2,010 and actually were lock limit down till GOP retained control of House and gained control of Sentate. That’s when the Futures exploded and really outside a pause on Trump/Mulder News have gone straight up in a near parabolic range ever since. Without question now 2010-2418 has tax reform that won’t happen in 2017 baked into its extremely over extended 113 month long secular Bull Market. The index most likely will find its way to 2500 over the next 60-90 days as it makes 2500 the Head of a Head & Shoulders Pattern 2400/2500/2400 that should then lead to a -20% decline a test and fail of the current 52 week low last July “Brexit Exit” at 1991.19. It’s perhaps no coincidence that 3 deviations over the current 200 DMA would be 2502.67 and furthermore a near exact 20% decline would indeed be Brexit Exit Low/52 week low 1991! Today’s “Window Dressing” to end May 2017 saw a perfect low volume retrace to former resistance of 2405.59, now key support in the 10 day range that set up buyers in at 2405 taking the index back up near flat the last two trading sessions. The index should now break last weeks all time high of 2418.67 and find a new all time high in 10 day range of 2332. Once, there expect another pause and testing former resistance new support 2418 and then going up and through 2450 most likely by mid June 2017. Most, likely by the July 4th Holiday the index will have found its way over 2450 as it should find itself within less then 50 points of what should be its multi decade end of 115 month Bull Market at 2,502
More to come….