The forecast I made weeks ago is playing out and near the end. 1560 was the target and we have come close enough to be satisfied, but there was no sign of capitulation. The range 1530-1560 mentioned last week has held. I now believe one last push may briefly take the S&P futures over the 1560 level. Perhaps this will be the capitulation that is normally seen just before a collapse. In any case I believe we are close to or have seen the top of the long ride up.
Since November of 2012 the A/D has been showing price advancing on very weak ground. This indicator has only gotten worse.
I'd normally show you my S&P futures charts, but they have become a mess that only I would be able to understand. Here is a pretty clean view of the Russel 2000.
Look for support near the 20 DMA. It might hold, and lead to the last bullish spurt left in this market.
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