The S&P 500 Index survived the large range day correction on may 17, 2017. It extended the first daily cycle to be 24 days. Now it is 7 days into the second daily cycle. This new weekly cycle started on April 13, 2017 is on pace to fulfill the upside target at 2478. The market is having more and more small ranges days lately. It is climbing a wall of worry. We project the upside target 2478 will be fulfilled around June to July time frame. This summer high around 2478 could well be the high of the year. It might also have a double top around October – November time frame. From the double top, we anticipate a sizable selloff to reach the two-year cycle low within the four-year cycle.
We suggest our readers to be mindful of the pending top around 2478. It might be prudent to take profit for some of your positions.