Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

S&P 500 Sets New All-Time Highs

S&P 500 Sets New All-Time Highs

9:00am (EST)

The bulls have made the Wall Street pros look like fools as the train left the station to higher highs once again while they have been caught short or stuck in cash. The market soared to new highs without the Dow although the index almost held positive by the close. The blue-chips lagged but the broader market, Tech, and the small-caps soared to 14-year and all-time highs.

The Dow fell 2 points, or 0.01%, to finish at 15,371. The blue-chips traded to a low of 15,229 but fresh support and prior resistance at 15,200 held up. The rebound was impressive as the index made a 3-point gain to 15,376 into the close before ending in the red. The bulls will be trying to make a run at 15,500-15,600 ahead of the weekend while the bears need a 300-point shaving just to get back to even for the week.

The S&P 500 gained 11 points, or 0.7%, to settle at 1,733. We said a move past 1,725 could push new highs up to 1,750 as the index went out near its peak. A 1% move would trigger our fluff target before a possible pullback but momentum could get 1,775-1,800 in play. A close back below 1,725 and then 1,710 could signal a near-term top is in.

The Nasdaq jumped 23 points, or 0.6%, to close at 3,863. We said a pop past 3,825 could get 3,850-3,875 in the mix and we have mentioned there is a chance at 4,000 by yearend. A close back below 3,825-3,800 would be bearish.

The Russell 2000 surged nearly 10 points, or 0.9%, to finish at 1,102. The small-caps triggered our 1,100 target and could make a run to 1,115-1,125 if momentum sticks. A close back below 1,075 would help the bears.

The S&P 500 Volatility Index ($VIX, 13.48, down 1.23) flopped another 8% and we said there was a good chance the bulls push 13.50 once they got the VIX back below 15. We didn't think they would do it in a day or the following session. The 52-week low is at 11.05 and could be tested. We wouldn't rule out a test to single-digits but we need to look at the charts this weekend before making that call.

Futures are showing a higher open and look like this as we head towards the bell: Dow (+30); S&P 500 (+5); Nasdaq 100 (+17).