S&P 500

I've gone in little spurts to put a blurb or so about the market.  Since I looked at BIDU and a few ETFs, I've just gotta look at the S&P, which is also another chart I love.

Isn't this a beautiful chart?  It is gorgeous.

Do I see the S&P going to the near 1600 range?  That's only about another 300 points away.  We're about 1/2 way there from the 200 EMA.  It just hit overbought in RSI and it would be poised to pullback some, so that would not be surprising.

If we look at RSI, this peak was reached in the late 2007 timeframe.  The market often likes to do what it's done in the past, so pulling back right here would totally make sense.  MACD is reaching it's high of that in 2004 and 2010 again. 

From the 666 low in 2009, it's nearly doubled that and only had one pullback of 200 points. 

Looking back at the first time the S&P 500 nearly hit 1600, it had 5 short pullbacks, then it just couldn't get up the umphf to keep going and finally conked out.  It took 8 months going sideways before the market decided it couldn't go any higher.

The 2nd time it rallied to near 1600, it had about 5 longer pullbacks also.  After this 2nd time to the near 1600 mark, it took 8 months going sideways before the market decided to drop.  Hmmmmm.  Interesting, isn't it?

So far in this 3rd time going to 1600, it's had one very short pullback at the end of 2009 and one first 1/2 of 2010.  That's 2.  Three more pullbacks before hitting 1600? 

Here at 1310 would be a great place because it's done this before in 2006 & 2001.  That would be pullback 3.

1440 would make a good 4th pullback.

1520 would make a good 5th pullback to attempt to rally to 1600.

The channels I've drawn on my chart make a lot of sense to use as support & resistance.  What do you think?
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