S&P 500 is forming a rounded top here in 2016. We view this recent rally as an opportunity for investors to raise cash. Aggressive investors may want to look at shorts / hedges for their portfolio's. We can see the index get back up to 2020 - 2040 on an overshoot. But see the ultimate target between 1672 t0 1720 on the index. This implies a 15% plus correction from current levels.
Disclosure: I am/we are short SPY.