GM, my resistance level "was" about 1165 on the S&P, and we're way above that now. The higher we go, the more nervous I get. My main concern is that the RSI is lower than at the previous highs, as is the Chandi momentum indicator (and many others). These divergences worry me. The market is like a huge lumbering herd of elephants, and it takes time for it to change directions. I think it's slowing down.....
Pablo, that's a good question, where's the money going to go? Maybe to the sidelines, since interest rates are going up, maybe into foreign stocks, I really don't know....? The weak dollar is helping U.S. company's earnings now, if it starts to stabilize and strengthen, then U.S. earnings will suffer, as will the stock market.
Don't get me wrong, I'm not a die-hard bear, just throwing out some things to think about.....the market's closing up today, so life is good so far.
"Some days you eat the bear, some days the bear eats you." Today we're having bear stew for dinner.....