Just as expected, the indexes all closed higher today. In the daily chart below, the SAR is currently at 3760. That is about 200 points away from today’s close. The current trend will continue.
My guess is we might begin to see a top when the Parabolic SAR rises to 3850 and closes in on the S&P 500 index, and if S&P 500 remains at around the current level. That is a lot of ifs. For the SAR to rise to 3850, it’ll probably take a week.
The index could possibly consolidate between 3900 and 4000 during the remainder of the week. The SAR may reach 3840 / 3850 by Monday. Maybe at that time, we may see a top forming. If the index rises above 4000, the current uptrend will last longer for sure. We might have a clearer picture next week.
