S&P 500: No sign of a correction
By Colin Twiggs
December 9th, 2013 2:30 am ET (6:30 pm AEDT)
The S&P 500 has reached its target of 1800 for the current advance, suggesting the market is due for a correction. But there is no sign of selling pressure on 13-week Twiggs Money Flow. Follow-through above 1820 would suggest an accelerating up-trend — with sharper gains and shorter retracements. Reversal below short-term support is less likely, but would warn of a correction.
* Target calculation: 1725 + ( 1725 - 1650 ) = 1800
CBOE Volatility Index (VIX) continues to indicate a bull market, with readings below 15.
We seem to be moving steadily in the direction of a society where no one is responsible for what he himself did, but we are all responsible for what somebody else did, either in the present or in the past.
~ Thomas Sowell