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>>> The call for this week <<<
By: Jeffrey Saut | July 23, 2018

So we recommended raising some cash in January and then put most of that back to work in February. Ever since then, we have been adamant the equity markets were going to trade to new all-time highs. Many of the indices have done just that, yet the S&P 500 and the D-J Industrials have not. However, we continue to think those two indexes will do the same as the Advance-Decline lines continue to point the way higher. As Sam Stovall (CFRA), son of legendary strategist Bob Stovall who was the keeper of the GM indicator, wrote last week, “History, encouragingly says, but doesn’t guarantee, that the S&P 500 could advance more than 10% beyond the prior high before slipping into another decline of 5% or more.”

Expiration stocks have a tendency to rally during the first hour of trading on position squaring. Friday was an Inside Day in the charts for the S&P 500 Index. Traders will be sensitive to Friday’s S&P 500 Index high (2809.70) and its low (2800.01). Plainly, 2800-2805 is a very important support level. This morning, the preopening S&P 500 futures are flat as we write at 5:07.

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