The market remains in a confirmed short term uptrend. As expected, there was a quick correction
within the rally after the early Oct. moonshot lift off. The current trajectory is strong -- a good
sign -- and not so strong that it cannot be maintained for another couple of weeks. The market is
overbought in the short run and it would be normal for it to retrench mildly again unless this rally
is a strong impulse up that is heralding a new and sustainable advance. If the latter be so, then
price momentum can remain buoyant for a little while longer. Obviously, the $SPX will need to
take out the 10/28 rally-to-date peak of 1285 over the next week or two if it is to keep the believers
believing. $SPX
I plan to take a look at my longer term weekly chart over this weekend and post accordingly.
I have to confess I have been relying on the technicals more strongly than I normally do because
the fundamentals have been much harder to handle in the short run. More on this issue ahead.
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