Maria will need to take a Valium today. The Dow should hit its all-time high. The S&P won't be far behind. Springtime is coming. Everything is coming up roses.
Futures are sprinting higher overnight as yesterday's market action made it clear that higher targets are sighted. 1530.94 should be easily exceeded. There is a Fib cluster at the 1542 area. Higher up is 1550.
But I do not think a straight line move is taking place. A simple 1:1 ratio could target as low as 1530.80.
Today should get the markets a lot of bullish press and send the all-clear signal to investors on the sidelines that NOW is the time to get back in.
The reality could be a bit complicated. With both bulls and bears calling for higher prices, something else may be going on.
Yesterday on Fast Money, Joe Terranova got visibly angry at Walter Zimmerman, chief technical analyst of energy forecasting firm United-ICAP, for suggesting that the market was forming a bearish rising wedge that could go higher.
I expect higher prices too. I also see the bearish rising wedge. I also note the market has already been up for four years.
The point is that, on TV, it will seem as though it's just getting started. The question is, what is just getting started.