SPX Severely Overbought Here On A Short-Term Basis

1290 traded yesterday -- that is a flying start for 2006, a gain of about 3.5% just in the first five trading days. My March'06 target for the SPX of 1,310 is not that far away, but I think we will head lower soon, as I reckon that gain is just a bit too much too fast in the short run. The market needs space and time to establish a new 2-3 months trading range (possibly 1,270 being on the low end of it) -- hence, the SPX needs to come off its highs here and head perhaps 15-20 points lower. If it doesn't... well then, it's a crazy bull market again!