The S&P 500 has reached its target of 1800 for the current advance, suggesting the market is due for a correction. But there is no sign of selling pressure on 13-week Twiggs Money Flow. Follow-through above 1820 would suggest an accelerating up-trend — with sharper gains and shorter retracements. Reversal below short-term support at 1780 is less likely, but would warn of a correction.
* Target calculation: 1725 + ( 1725 – 1650 ) = 1800
CBOE Volatility Index (VIX) continues to indicate a bull market, with readings below 15.
the recent highs have met resistance at Fibonacci retracement of 61.8% of 2007 highs to lows of 2009. this resistance has been very powerful and will need to be breached before any new highs are achieved