Quick update today. The Dow hit some resistance this morning as noted on the chart above. This coupled with the fact that the S+P 500 is on top of resistance, leads me to believe we may see some type of selling/profit taking reaction soon. At this point I wouldn’t expect to see much more than a 30-40 handle decline on the S+P.
It’s been a tremendous run up the last few days and earnings season will truly kick off with Alcoa on Thursday. Overall I still believe we are headed over the 2020 highs made in the S+P 500, and most likely higher. But if your cautious and want to hedge/take some profits, now seems like a pretty good time to do that.
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