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US Share Market – Still Up or Correction?
By Martin Armstrong | May 17, 2017

QUESTION: Marty you warned previously that an April high would have the potential to create an important temporary high with a decline into 2018 and then a slingshot up. Is that still a possibility?

ANSWER: Yes. We have the S&P500 and the NASDAQ Composite making new highs but NOT the Dow. This raises some concern that a correction is still possible. The Dow needs to make new highs above April intraday and on a monthly closing basis. This is a tall order right now. This will warn we are consolidating sideways and preparing for the breakout. The support on the Dow remains at 20,000 on a Weekly Closing basis. The majority has to be wrong for they are the fuel that drives the market. We have had nothing but bearishness in the bull market which has exceeded the 2007 high by nearly 50% yet throughout the rally everyone is bearish. This has been the fuel that made it rally. You even have people touting short the S&P500 and buy Emerging Markets. That has to be a suicide mission. Then you have people touting Europe is a wonderland and the Euro will be fine because Macron won. Of course these are Americans who obviously do not have clients in Europe nor do they visit often. Sure the Euro will rally for the key resistance is still in the 113-114 level. . .

https://www.armstrongeconomics.com/markets-by-sector/stock-indicies/dow-jones/us-share-market-still-up-or-correction/

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