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Tuesday, February 14, 2017 7:53:17 AM
For those who follow Elliott Wave analysis:
Just when you think the stock market can’t rise any higher, it does
* February 14, 2017
The S&P 500 is setting up to rally to 2,400-2,440 in March
Most investors think the U.S. stock market can’t possibly rise any higher.
Many believe prices are already too high, and a strong sense of disbelief permeates the market. In fact, many still believe “the big crash” is just around the corner. It seems the financial crisis of 2008 has left a bearish mark on most investors’ psyche.
To be honest, while I have been exceptionally bullish for quite some time, even I was at least looking for a pullback to test our upper support region before we began the run to 2,400 in the S&P 500 Index SPX, +0.52% However, we don’t always get what we want in life.
The move higher on Friday has made it less likely that we will test our upper support region before rallying to our next larger target of 2,400-2,440 on the S&P 500. While I still expect a pullback before the end of February, we may not be able to break below 2,267, as shown on my 60-minute chart. In fact, our higher, and more bullish, support now resides between 2,267 and 2,285. As long as we remain over that support, the market seems to be setting up to rally to 2,400-2,440 in March.
I feel like I am constantly repeating myself, but with so many people so certain this is a “fake” rally, I believe it needs to be repeated. This market has a long-term target between 2,537 and 2,611 on the S&P 500, with the outside potential of a blow-off high taking us to 2,800. One should remain strongly bullish as long as we remain over our upper support region.
When the market breaks out over 2,335, that upper support region will rise to 2,238-2,285. Moreover, I will continually raise our upper support region until we reach our long-term target region, where I will be suggesting you begin to move to the sidelines, depending on how complete the pattern looks when we strike the “ideal” target. But, for now, dips are still buying opportunities, as there is still a lot of rally left in 2017, with much higher highs still to be attained.
http://www.marketwatch.com/story/just-when-you-think-the-stock-market-cant-rise-any-higher-it-does-2017-02-14
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Just when you think the stock market can’t rise any higher, it does
* February 14, 2017
The S&P 500 is setting up to rally to 2,400-2,440 in March
Most investors think the U.S. stock market can’t possibly rise any higher.
Many believe prices are already too high, and a strong sense of disbelief permeates the market. In fact, many still believe “the big crash” is just around the corner. It seems the financial crisis of 2008 has left a bearish mark on most investors’ psyche.
To be honest, while I have been exceptionally bullish for quite some time, even I was at least looking for a pullback to test our upper support region before we began the run to 2,400 in the S&P 500 Index SPX, +0.52% However, we don’t always get what we want in life.
The move higher on Friday has made it less likely that we will test our upper support region before rallying to our next larger target of 2,400-2,440 on the S&P 500. While I still expect a pullback before the end of February, we may not be able to break below 2,267, as shown on my 60-minute chart. In fact, our higher, and more bullish, support now resides between 2,267 and 2,285. As long as we remain over that support, the market seems to be setting up to rally to 2,400-2,440 in March.
I feel like I am constantly repeating myself, but with so many people so certain this is a “fake” rally, I believe it needs to be repeated. This market has a long-term target between 2,537 and 2,611 on the S&P 500, with the outside potential of a blow-off high taking us to 2,800. One should remain strongly bullish as long as we remain over our upper support region.
When the market breaks out over 2,335, that upper support region will rise to 2,238-2,285. Moreover, I will continually raise our upper support region until we reach our long-term target region, where I will be suggesting you begin to move to the sidelines, depending on how complete the pattern looks when we strike the “ideal” target. But, for now, dips are still buying opportunities, as there is still a lot of rally left in 2017, with much higher highs still to be attained.
http://www.marketwatch.com/story/just-when-you-think-the-stock-market-cant-rise-any-higher-it-does-2017-02-14
• 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!
• DiscoverGold
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