Opinion time! I reckon the SP500 could hit 1900,maybe even 2000 by the end of the year. Not that far off, another 15% is not impossible when Bernanke is printing $85b a month, might even increase it!!!
I maintain my view that the US is moving back into a recession at the end of the year, beginning of 2014. If so, fed will INCREASE QE, never mind tapering. SP500 could hit 3000 next year!!!
yes we are in uncharted territory,but you can extend previous supp/res and use those numbers as areas to observe strength or exhaustion,we are all watching the same movie and there are a limited number of ways to view it,those few examples are watched by many and fear of riding it any higher or greed of not taking profits at the right time give those imaginary lines their senseless yet all of the sudden very real importance in the market 1763 is one..depending on what time frame u change the chart to, a shorter time frame has that number at 1771,the # changes but the area or gist is there to cause fear of buying or fear of holding longs which creates exhaustion of an up move, a turn