The S&P (and other indices) continue to trade higher and higher into new all-time highs (the Nasdaq is not at all-time highs, but is trading at levels not seen since 2000). The spike down in the S&P in June was a test of the important double top of the 2000 and 2007 tops. The market strongly rejected the attempt to trade lower and left buying tails on the daily and weekly charts – a long-term bullish signal from an Auction Market perspective.
The bull leg that began last November is in its fifth leg up. The present rally has so far tacked on 8.55% from low to high print. If the present rally equals or exceeds the largest rally in the present leg it will trade to or above 1713.
