RP: Higher highs after a long consolidation phase from intermediate term high (Januray) in the SPX has bullish overtones. However, the problem is that right here on the cusp of that "breakout" there are again extremes associated with yet another intermediate term top. Fact is, my work suggests most everyone is looking for a breakout. I have listed some of those extremes and this list grows each day. So, there is the possibility that this is a throwover into another top regardless of price. In any event, the upside seems limited right here in the SPX and, in fact, the SPX should sell-off and at least consolidate this coming week. If during this phase, folks retain their bullishness, this thing gets toasted. If bearishness builds, then we have some upside but probably limited upside in the SPX.
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