1191 was hit this week. As I said earlier, this pivot would be key. We closed above it on Friday. We will most likely see 1200 this week. The Dow also hit 11,000.
We are certainly very extended in price. But 1200 does seem possible, as well as maybe 1210 or 1225.
On the shorter time frame, we seem to be in a middle of a wave (iii). This implies a bullish open for the week. Here is the Nasdaq and SPY chart, respectively.
The US dollar is getting a little choppy now. It could be a series of 1's and 2's for a big bullish week on the dollar, or it could be the start of Intermediate wave (2) as the equity markets make their next push up.
Watch that important channel on the USD. If it breaks, we could go lower. 79.70 is the important pivot.
Sorry for another short update, but this past week has been very busy for me. I should hopefully be back on track next week.
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