Zeev, I have to 'complain" about your target myself. I do not see any conviction in the buying. My tick tape watching tells me that the only reason we are heading higher is because the program traders want us to go there. With low volume and little conviction from the buyers, I don't see that extra 400 points coming anytime soon.
T/A reflects investor psychology. IYO, at what level of program trading would a technical analyst say to themselves that too much of the market is in the hands of those that want to profit on that psycology, and therefore T/A becomes no more than fancy guess work? It would seem logical that with program trading over 50% that T/A could be used against efforts to trade the market on T/A with the program traders drawing the technician into one trap after another.
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