The SP500 has made an all time again today in the last minute of trading and I suspect there will be more highs ahead as I lean towards seeing 1600+ before a summer correction. What is not clear right now is whether the market is in a nested bullish 1-2 with a W3 about to show up (thus making 1577 a W2). Or if there is an Ending Diagonal or Rising Wedge for the 5th leg of this W1 of Int W5. The short squeeze theory I talked about yesterday would result in a bullish W3 but it's hard to tell as this is uncharted territory for me. In the past there were clear defined resistance levels from the previous bull market (like 1575) but now there is nothing, so I am just assuming many traders went short or sold thinking 1597 was the top, specially when 1538-39 broke. But now that they see it is not the top, traders might jump back in and shorts will be forced to cover. That of course assuming people trade using technical analysis, which in itself is pure speculation. So we should see an interesting couple of days starting tomorrow.
I am patiently waiting for more clues before going into a short term position.
Main S&P 500 Trends
Short Term Trend = BullishMedium Term Trend = Bullish
Long Term Trend = Bullish