S&P 500 Upside Limited


The index has been working it's way up to the target level slowly but surely.  While some limited upside still appears possible, increased volatility can be expected from this point forward.

The target level for the S&P 500 index is 1340.  Last week, the index reached 1333 - within 7 points of the target level. 

It has been a great rally since the October low.  Quite frankly, the rally is looking nearly exhausted in the short term, and a pullback under 1300 is the next likely course for the market to take.  Trimming risk at this point makes abundant sense.