Minor 2's target range is 1305 - 1327 SPX. I like the 1327 SPX because that means a bear candle gap down will be revisited on the SPY and most likely close. It is also the target for an expanded flat count for Minor 2.
1256 is a key pivot level. Any breach of that price - since we have that marked as (i) of [c] - and we likely have a reversal.
[Update 6:13PM: The non-confirmation in the 30 year yield is still intact. As someone mentioned in comments, the multi-decade bond bull run reached a Fibonacci 34 years in September. Bonds topped in...September.
Primary count is that the high today may be the top of wave (iii) of [c] of Minor 2 up. Wave (iii) has expanded 1.21 times wave (i) within [c] so it may run a bit more. However, we do have 5 solid sub waves for (iii) so we'll just have to see. For now we'll label the 1292.66 high (iii) and adjust accordingly as needed.
What a burning star overall. Up 218 points in less than a month of trading. I warned the Zweig Breadth Thrust event was something I respected and it has produced some aggressive prices advances. But like a rocket that goes straight up, when it runs out of fuel, it comes down hard.
Internals were not as stunning as you may think. The NASDAQ was not a 90% up day. Up issues on the NYSE, though quite robust, finished the day at 87%.
Today stunned a lot of people. The market has now captured everyone's undivided attention after languishing in the trading range of 1100-1230 for some time. So sentiment readings, both long and short term, have been jarred one way or another on every market participant.
The market has run run into next resistance and can be seen on the e-minis:
SPX 5 minute chart:
I'll have more as I get a chance to look at some stuff.