Technical Analysis on .SPX
$S&P 500(.SPX)$ thoughts: Greed is back. The market and its participants perhaps moved too far too fast. While I am an advocate for this rally to continue higher, a pause or moderate pullback (3-5%) is welcomed and in my opinion is the healthiest option for a market striving to maintain bullish odds.
The chart of the S&P 500 marks the relative peaks of both the CNN Fear & Greed Index, and the NAAIM Exposure Index. Greed and elevated exposure is a combination that has preceded significant turning points in the market.
At this time my analysis favors a moderate pause or pullback, not a severe correction (or the immediate continuation of the near vertical rise). Breadth has consistently maintained positive, and my analysis has shown that the most successful rallies are underpinned by positive market breadth. $Cboe Volatility Index(VIX)$
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