In my previous post dated December 15th, I had given my logical reasoning as to on what date SPX rally will continue. Well SPX rally continued as expected.
The expected SPX rally start date mentioned was December 18th. On December 18th after FOMC, SPX moved upward aggressively and on December 20th, S&P closed at 1818.32 after hitting the high of 1823.75. This rally was expected and did not come as a surprise.
The target of 1825 and then 1875 have been mentioned early this year.
Now SPX is expected to consolidate little bit and heads towards 1855-1875. This is the level traders must watch for the clue to see what market will do next. The rally is expected to continue till mid-January.