Everything remains just about in line with the current scenario I outlined yesterday and this would look for higher prices over the next two days and a short term high put into place Monday.
The final target for this high using the S&P 500 cash index is 1412 or about 35 more S&P points from here. This would imply that the next two and one half days should be quite strong and the seasonal model confirms just this scenario.
Short term traders should use the next 2 days to scale back their long positions including call options. There are some very handsome profits out there and it would be prudent to begin taking those profits.
Intermediate term traders can look as the potential pullback as an opportunity to add positions to their equity holdings as the next move after the correction has run its course should be a good one.
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