Progress to the 2130.50 target shown has been tortuous, to put it mildly. Given its clarity, however, there is little doubt that it will be reached, and precisely. A buy-and-hold strategy is out of the questions, since each marginal new high is giving way to a reaction several times the size of the incremental gain from one peak to the next. A 2125.50 target also broached here earlier remains valid and should show some stopping power, although my hunch is that the one at 2130.50, which comes from a rally pattern of larger degree, will mark the end of the intermediate-term bull cycle begun on April 5 from 2038.00. It can be shorted with a stop-loss as tight as three ticks — more aggressively so if you have been long on the approach, or if you use camouflage.
