The market had a huge up day on Monday. There may be more upside to the market as the week progresses but not without strong opposition from the bears. Here is a chart of the SP500 showing the levels of resistance the market will need to break in order to continue it's climb. Today's close was also at the 61.8% retracement from the most recent peak and 38.2% retracement from the peak in August 2008.

I'm hoping for a gap up tomorrow as an opportunity to enter a short position. Then again it could bolt straight down. Either way, the market is weakening and a nice downside move is approaching.

Anyone still left on the ladder? If not, then the next batch of fools will be getting ready to climb on. LOL This process may continue a time or two more until all the fools figure out the ladder is unstable and due to come crashing down.

This week may turn out to be just like the final scene in the old movie It's A Mad Mad World. In the scene, the fire truck ladder goes out of control because too many people climbed on at the top. It ends up spinning out of control and the people clinging onto the top of the ladder start flying off in all directions. They all climbed onto the ladder out of greed and end up losing everything as the suitcase opens up and all their money is scattered about.

The Nasdaq is already showing weakness and I expect the Dow and S&P500 to follow. This may be the week this rally finally tops.

If the market pushes higher following the stress test and tomorrow's employment report, I will be looking to fade the rally. Today's strong selling without the usual end of day surge indicates the bull run is almost complete.

The market has now morphed into a market which never corrects. With that being said there is still a possibility of these rising wedge patterns slowing the markets down. Generally, these wedge patterns have a high success rate but given market conditions there is a good chance it will bust right over the resistance line.

Aaahhhh! April is finally over. Thursday, we saw a possible change in momentum. The morning pop quickly lost it's energy and the bulls all but threw in the towel. This vastly overbought market is sooooo overdue for a correction it isn't even funny. The SP500 is up 33% from the low without any real correction. That should soon change. Look for some heavy selling to get started maybe today but certainly early next week. The buy the dip buyers are going to be run out of town. Good Luck!