S&P 500 going for all time high

The market has now rallied 120 points from the 1560 low with a minimal correction in between. In fact, the market has had just 2 slightly red days vs 11 bullish days in the last 13 sessions so what started as a counter rally has turned into a full on euphoric rally. The 30 min MACD crosses that I track have had 3 bearish cross failures in a row, which hasn't happened in almost 3 years that I have been tracking it.  So I think the bulls control the market and we're officially on the first wave of Int LT W5, which if correct will put the market comfortably in the 1800's or even 1900's before we see a substantial correction. So for now my focus will be on going margin long on the correction, which hopefully will come after another all time high is set. I mentioned couple of weeks ago when the 1597 level was breached to not to get carried away too much with the bearish case as all of this had been expected on the LT Count but I didn't think the market would be challenging the all time high in just 2 weeks time. So much for all that doomster scenario.. ironically, Marc Faber was calling for "taking money off the table" (as if he was actually long all this time) and Doug Kass was sounding alarms about earnings just earlier this week..

Anyway, I ended up covering after the market seemed to have found support at 1674 so lost a few points there but will be trying again this position if we hit 1710. I rather skip these small W4s after all these MACD failures.


Have a Great Weekend!

Main S&P 500 Trends*

Short Term Trend = Bullish

Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.