Tuesday, April 04, 2017 11:17:42 AM
Still in Corrective Mode by ART HILL
I have a few stocks and setups to show below, but first I should confirm that I remain in the correction camp. The long-term trend for the S&P 500 (market) is up, but I think we are in the midst of a correction within that uptrend. The rationale for this correction call was first detailed in a commentary on March 22nd and I put forth some correction targets on March 24th. We never know how long a correction will last or how far it will extends. The last two shaved around 5% from the S&P 500 SPDR and lasted two to three months. They were actually quite choppy affairs as the index moved sideways most of the time. I am using the S&P 500 SPDR to monitor the correction targets.
The minimum expectation is a 5% pullback from the highs or a 38% retracement (227).
The maximum is a return to the rising 200-day EMA or a 61.8% retracement (220).
Note that most stocks and equity ETFs follow the S&P 500 so it would be a difficult period for trading should the current correction deepen.
I have a few stocks and setups to show below, but first I should confirm that I remain in the correction camp. The long-term trend for the S&P 500 (market) is up, but I think we are in the midst of a correction within that uptrend. The rationale for this correction call was first detailed in a commentary on March 22nd and I put forth some correction targets on March 24th. We never know how long a correction will last or how far it will extends. The last two shaved around 5% from the S&P 500 SPDR and lasted two to three months. They were actually quite choppy affairs as the index moved sideways most of the time. I am using the S&P 500 SPDR to monitor the correction targets.
The minimum expectation is a 5% pullback from the highs or a 38% retracement (227).
The maximum is a return to the rising 200-day EMA or a 61.8% retracement (220).
Note that most stocks and equity ETFs follow the S&P 500 so it would be a difficult period for trading should the current correction deepen.
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