Another good close on Wall St. We closed above my support area of 129975. This tells me that we should trade up to 131700. This market just wants to go up. This morning in my brief I noted that I would be watching the VIX to see if it got below 18. When it did we just never looked back. The VIX closed at 17.63 which is a bullish close for the market. I believe that we will see some resistance at 131225 before we test my resistance at 131700. Today I included a chart showing the S&P over the past 13 years. Just looking at this chart I cannot find any time that the market consolidated in this area. I put a horizontal line to show the only place that we have failed from a couple of times. If we get above that area we should see some stops. We just go from highs to lows and back up to highs. I hate to agree with all the bulls (because I hate a crowded trade) but they seem to be right. Barring any global events I think that the low for the year is in at 1255.25 in the mini. Friday was chance to get in at a great price that you may not see for awhile. The good news is that the market seems to be getting busier and that is a good sign for bulls or bears. Have a good night.
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