How high can this Bull Market fly ..... before falling back in the water ?
The long term resistance I have drawn in the following charts (SPY,DIA,QQQQ) will be the key to this answer. The most optimistic scenario would be that we get towards the 50% retracement level somewhere at the end of 2009 to early 2010. The maximum targets for this cyclical Bull Market would be roughly : $40 for QQQQ (Nasdaq100),$112 for SPY (S&P 500),$103 for DIA (Dow Jones). Once we reach these levels the Bear Market shall return...
Short term : I still think that were are overdue for a selloff in April before moving higher in mid May until the end of the year. Good luck to all !
SPY : S&P 500 ETF
DIA : Dow Jones ETF.
QQQQ : Nasdaq 100 ETF
