We will all know in the fullness of time. Even a strong bull market retraces. Always tough to bet against the FED, The Donald and an abundance of cheap money, but I certainly wouldn't be surprised to see us trade down to 2680 in the nearby future, i.e., within the next 1-2 weeks. Might have to tag 3129 or so first. On the other hand - there are factors which suggest this can keep ripping for a while longer still. So, certainly not swing shorting in absence of a strong sell signal.
I have to ask because I keep seeing this stuff continue to pop up from a few of you. Could you please explain the significance you are always referring to when you talk about "unfilled gaps" and "there is a lot of air above / below" ? There always seems to be this allure around gaps eventually having to be filled and what not. Even Spooz just the other day mentioned still having a lot of air below us. What's this all about?
Market profile is good for understanding market structure. Statisticians can give you the numbers on gaps. A chart attached
Just got reminded of this; Played out pretty well, in hindsight (from 2980 or so) I'm guessing we go to 3140 or so next. Not banking on much of a drop before that. Don't think they'll let it happen. They've made their position clear and will just throw trillions at it Maybe 3150, then a drop down to 2900 ish, then all new time highs? 4k or whatever Who knows.