The action yesterday (erasing the reversal) was bullish. Also, the shutdown threat should have been a good enough excuse for the market to break if there were real inherent weakness. Small profit. But parabolic looking charts abound in stocks.
It look like 2810 is going to be the top in the S&P for several months and we are currently in a topping process. It looks like the Gov will shut down and it looks like this will affect the markets. I am not expecting a crash of any kind, just a down move with lots of sideways action. One thing is clear, and that is M2 growth rates have ben drifting down for a few months and recently the economic indicators, while they are still doing great, are coming in, slightly down from previous months numbers. A slow down is coming and with that the S&P will not be making new highs. The bull market is not dead and I am very sure that as the slow down materializes the FED will allow the M2 growth rates to increase again, but that cycle will take months as the slowdown as barely even started.