I have to admit that I may have underestimated the strength of the market, which may just want to continue its journey of the year-end rally in a straight line up fashion. For sure it is possible but I still doubt it. Technically the market has been very stretched, due for a pullback. I thought SPX 4400 will be its near term top before heading back. But today SPX has broken it out. Of course, it is till too early to say whether it is a true breakout or a false one. Next week will be crucial to find it out. For now, I'm not yet convinced and still expect for a meaningful pull back.
Here is my pre-market post today. Apparently I was wrong so far but let's see how the Market God will go next week.
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