Bullish momentum remains strong and as all trends are up, surprises will be to the upside. We do not short this market, until after XXX Date, and then we need to see a reversal lower to confirm.
In the past, in March 01 and Jan 02, that long term 19 year trendline was pierced it by as much as 20 SP’s, then it bounced back. For next week, that would be 2245+ 20 = 2265 SPX, If it rallies beyond that, that would be impressive for sure.
In terms of time, the long term Geo CIT in CD arrives on Friday 12/9, along with the 12/9 Solar and Ezekiel Wheel CIT. It is allowed to be 1 TD off, so we could see a Monday higher 12/12 High.
3 comments:
Raj, are you alive? Wow, 2 weeks passed and not a single word from you. I was wondering what do you think now? It looks like all prognosis got slightly screwed up.
I was looking for a 12/9H, the High arrived only 2 TD later at the 12/13H, which remains the High to date.
That long term trend line did not hold back this recent rally.
The million dollar question here, of course, is whether the market is consolidating for the next leg up or will profit taking rule the roost at the beginning of the New Year. Honestly, I have no idea. I'm just an individual stock picker.
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