Fridays close put us right above the 78.6% Fib target extension for the e-mini futures. Looking for a pause here with a resumption to the upside to possibly the 127 Fib extension around 2069. As it stands we are at elevated levels that would be a natural area to take profits and patiently wait for breakouts or set ups. Maintaining above 1971 would open the door to 2069, but keep in mind sentiment is overly bullish right here. Would like to see some rest possibly backtesting 1971 area. Longer term I’m waiting for stocks to press higher till end of year and watching for gold and oil to drop and will sell out of market to purchase oil and gold early next year. For now buy equity markets only on pull backs.
Gold target still looking to be in cross hairs…as long as gold is dropping then this market still can run higher.