All time highs to be challenged?

The market continued its bull run today and it managed to put in another very bullish close. I thought the market had a good chance of putting in a right neckline for a potential Inverse Head and Shoulders around the 1669 level but the market just ran over that resistance level. So I have the market in a bullish W3 and depending on where it tops and where the W4 bottom is, there is a reasonable chance 1709 will be taken out. That's obviously assuming the 5 count continues uninterrupted. Technically, the 5 count that started at 1628 has already met its price target but since it morphed into a nested 1-2, it is free to extend. I think the speech tonight by Obama will move the markets, so we'll see how traders deal with it. Not too many people are for unilateral action so maybe common sense will set in for Obama. Why make more enemies when we already have enough??

I am enjoying my longs and it's very tempting to take profits but I will leave them as is until I am retired!

Main S&P 500 Trends*

Short Term Trend = Bullish

Medium Term Trend = Bearish trend being challenged

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.