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Monday, April 24, 2017 4:56:51 PM
The S&P 500 may rise erratically toward a target of 2,500
By Avi Gilburt | April 24, 2017
Avi Gilburt says the benchmark index could drop before making its way higher
While we entered last week holding support that pointed us to the 2,380 region on the S&P 500 Index, the market broke the ideal setup for that move on Friday.
That does not mean we won’t rally toward 2,380-2,410 in the S&P 500 SPX, +1.08% but it does place it in question, and suggests the action can continue to be erratic on its way up.
To put it simply, as long as the market does not break below 2,338 and rallies on Monday — which it is doing currently — it leaves the door open to target at least the 2,380 region. However, should the market break below 2,334, then we will likely be completing this pullback sooner than I had initially expected, as presented by the yellow count on our attached 60-minute chart.
In the bigger picture, I still believe we will test the 2,285-2,305 region before this pullback has been completed. As you can see from the daily and 60-minute charts, this has been our minimal target for this pullback since before I announced to prepare for it on March 1. And the market will likely tell us early in the coming week as to whether we take a direct, or indirect, route to test that region. But the greater probabilities suggest that that region will be tested in the coming weeks.
And I will reiterate my larger perspective that I still believe the market is likely setting up a rally toward the 2,500 region into the summer. It would take a break below the lower blue boxes, noted on my charts, for me to consider otherwise. But, so far, the market has been playing out in an almost textbook fashion for the past year and a half, and I see no reason right now to believe it will not continue to do so.
http://www.marketwatch.com/story/the-sp-500-may-rise-erratically-toward-a-target-of-2500-2017-04-24
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By Avi Gilburt | April 24, 2017
Avi Gilburt says the benchmark index could drop before making its way higher
While we entered last week holding support that pointed us to the 2,380 region on the S&P 500 Index, the market broke the ideal setup for that move on Friday.
That does not mean we won’t rally toward 2,380-2,410 in the S&P 500 SPX, +1.08% but it does place it in question, and suggests the action can continue to be erratic on its way up.
To put it simply, as long as the market does not break below 2,338 and rallies on Monday — which it is doing currently — it leaves the door open to target at least the 2,380 region. However, should the market break below 2,334, then we will likely be completing this pullback sooner than I had initially expected, as presented by the yellow count on our attached 60-minute chart.
In the bigger picture, I still believe we will test the 2,285-2,305 region before this pullback has been completed. As you can see from the daily and 60-minute charts, this has been our minimal target for this pullback since before I announced to prepare for it on March 1. And the market will likely tell us early in the coming week as to whether we take a direct, or indirect, route to test that region. But the greater probabilities suggest that that region will be tested in the coming weeks.
And I will reiterate my larger perspective that I still believe the market is likely setting up a rally toward the 2,500 region into the summer. It would take a break below the lower blue boxes, noted on my charts, for me to consider otherwise. But, so far, the market has been playing out in an almost textbook fashion for the past year and a half, and I see no reason right now to believe it will not continue to do so.
http://www.marketwatch.com/story/the-sp-500-may-rise-erratically-toward-a-target-of-2500-2017-04-24
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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