Key Upside targets on the SPX coming soon, 1360 (Green horizontal line) represents the approximate equivalent perecntage gain matching the bull market of 2003-2007 off March 2009 lows, this target will be reached by April if not much sooner. The 1475 level (2nd Green Horizontal Line) matches the 800 pt rally in the SP 500 that the 2003-2007 bull market also produced.However there is no way to predict the future, longs should be in a position to sell/ scale out of there positions at these levels and NOT be taking on new positions. Monetary policy with QE's is king right now, as long as the US dollar is falling and 10 yr yields rising we won't see any historic market collapse regardless of all the news or what I like to call "noise" out there.
We are at a crossroads here with the Nasdaq nearing its 2007 high and the Russell 2k getting close to it's all time high. If the market can not break above 1475 and puts in a lower high, we are headed for 450 on the SPX most likely putting in the final bottom. I see this scenario as unlikely at the moment, as inflation and possibly hyper inflation will be seen before a major deleveraging event will occur.
All the best.
