Reversal Indicator shows that we are closing in on extremes, but still room for additional growth.
The S&P 500 looks, smells and feels like an out of control market at these levels, and now folks believe 1700 is simply inevitable at this point. The thing with these bubble markets is that it is easy to call them a bubble market because it is so obvious that it is. We don’t think that it can possibly go any higher, but the fact that we see that and realize we are in a bubble means that we should not rule it out going higher, because it has already defied realistic expectations to get where it is today.
The SPRI shows that it still has room to run should it want to and at this juncture, and with the Fed having the market’s back until it doesn’t, I wouldn’t rule out more price appreciation.
Here is the SharePlanner Reversal Indicator.
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