Looks like this sucker goes to the upper range of bounce before any decent drop. 2030 is my take. As for the assumption we have just started the bear move, I don't believe it till I see real consecutive evidence of a slowdown.
Way too many people anxiously writing this bull off. Home Depot, a great barometer of housing has beaten earnings and not dropped their future expectations. That usually spells good news for that segment going forward.
Tomorrow we have the very important Income and Outlays report. I expect both income and spending to be way up. I also expect income to once again be above spending which would continue the long gap showing discretionary income in good shape for future spending habits.
If/when we hit 2030 I can assume with confidence that a drop will occur since it will be at critical technical levels. The action after that mark will tell the tale for the rest of year. if it holds any drop above the recent lows we should have a good year. if not then we should in all likelihood be in a new secular bear market.
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