Well, I’d be surprised if we get trading anywhere near an extreme valuation today, either high or low. Columbus Day is here and bond markets are closed.
However, I am looking for a weekly top this week and for a sign that a pause and/or minor correction is in the cards. This unbelievable run reminds me of the March ’09 bottom, but even then there were pauses.
The key is the dollar, of course. Tagged a new low this morning at 77.05 but it’s holding firm so far. Either way, S&P futures could run to 1175 before giving up a bit, and that’s what I’m looking for.
Daily Pivots (positive bias)
- R2 – 1,175
- R1 – 1,167
- Pivot – 1,157
- S1 – 1,149
Have a good day and trade the extremes!