As I look back today, they don't seem to have much interest in taking this under 2700, yet. Can you blame them, took a lot to get here.
Younger people might remember my prediction a few weeks ago... Took a bit longer, but with the Fed's help we have arrived. The prediction was based on the monthly chart what I hardly ever use. The SMA target is around 2750 moved higher a bit and I am not sure we would reach it. I am actually calling a top here or the next 2 days. I am most likely early, but hey... Even if we still go higher next Mo-Tu, 2730ish what I expect before a signifficant drop. This monthly SMA line will be the dividing zone between bears and bulls...
We go under 2700, no more excitement. We are range bound. Because we will always be thinking about 2700.
This 2708 area turns out to be the big area of the day---a little above, a little below. Long though is not wrong her.