Does This Look Similar To You?

I wanted to share this E-Mini SPX futures chart with my readers. Note how similar the structures are. If this scenario continues to unfold, it looks as if there is going to be a little dance with prior highs next week, but then it may be followed by a steep decline. FOMC meeting may give the price the reason to double top. Perhaps the anticipation of QE4Ever and subsequent disappointment will make the chart look similar to the end of May, when the wheels came off the wagon.

I am so sorry to rain on bulls' parade, but I can't be bullish at this level, as SPX cash has already reached my 1680 year-end target. Anemic GDP growth, corporate revenue recession, and possible peak in operating margins are some of the reasons not to raise my year-end target. And of course, the biggest reason for my view on market's possible pause here - is the TaperTrade.

click on chart to enlarge