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Todd Harrison: The S&P 500 May Aim for This Target Next

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From the Buzz & Banter: Despite the market uptick, the Dow and the BKX have not confirmed new highs.

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Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Cats and dogs are sharing a good laugh together these days and perhaps for good reason. The massive breakout we were all over last week [Buzz & Banter subscription required] triggered with vigor yesterday, and hands over ears, it "works" (through a pure technical lens) toward S&P (INDEXSP:.INX) 1960ish.

While the momentum crowd piles in, with some trying to recover from their fumble-rooski, I'll highlight three charts that throw caution to the upside wind. The first chart is the Russell (INDEXRUSSELL:RUT), which was up a stunning 3% yesterday, as it tickles the top end of the trend line. The second chart is the KBW Bank Index (INDEXSP:BKX), and the third chart is the Dow Jones Transportation Average (INDEXDJX:DJT), neither of which have confirmed the new highs.

http://image.minyanville.com/assets/buzzbanter/charts/original/030514/toddRUT_1394025721.gif

http://image.minyanville.com/assets/buzzbanter/charts/original/030514/toddbkx_1394025757.gif

http://image.minyanville.com/assets/buzzbanter/charts/original/030514/toddtran_1394025764.gif

Yes, there's something for everyone. That's what makes a market.

R.P.

Twitter: @todd_harrison
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