With the lack of fundamentals in the currently heavily overbought market, we can expect a drop to come upon the slightest trigger.
While we cannot predict when the breakdown will be, we can still expect a retest of 2974 (Target 1) some time this week.
If the week closes below 2974, it would suggest a false break on the and a fall to 2882 (Target 2) and 2781 (Target 3) will be imminent.
Has anybody - other than myself - noticed that unemployment figures, failed deal with crippled China, mounting ridiculous levels of debt - and an untreated COVID-19 pandemic - all seem not to matter? Pre-40% crash loads of people were saying 'crash coming'. Nobody believed them because they couldn't say 'when'. Well now we're into a similar scenario with the rebound. Some have become heady. They 'know' that US and other stock indices are going to the moon. Such over-confidence springs from arrogance and recklessness which has haunted the markets pre-COVID.
What this means is that COVID, has more lessons in store for everybody!