This rally is proving to be very resilient.  In the big scheme of things, nothing has changed.  We are still very close to a top, should see a consolidation lasting several months, then new highs going into 2018.  

I expected to see a fall off this week and a close below last week’s low (2460).  That would have confirmed the beginning of the upcoming multi-month consolidation.  What we got was another triangle consolidation pattern which means another short leg up is very possible over the next week or 2.  We will certainly see a break thru the triangle one way or the other.  If the break is up and we close above 2484 then we likely run up to the 2528 area.  If the break is down and we close below 2460 then the start of the longer consolidation will likely have begun.


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Have a great week!

Jerry