I am bullish, just a little more cautious then few weeks back (within a stone throw of that 1757 target) just and even last week at 1860. if we take out 1940 in the next few weeks, and I expect we will, there is an empty zone to 2163, I don't know where in that zone the next intermediate peak will be, my best guess right now is 2056. As for the new highs importance, yes, deterioration in that series is important, but we had this week a new highs count above 500 on the NYSE, so that series is not deteriorating, even though, yesterday the Naz new highs count was only 220. If we cross 1940 and the new high counts does not get back above the 250/300 range, then we will start and see deterioration. That series is a relatively slow "internals" indicators. When it fails it is enough to flash a mild warning signal, but first it did not fail (see my NYSE comment earlier) and second it is not the only indicator and other are in relatively good shape.
