Wednesday, September 24, 2014

 

S&P 500 1904

That's still the important level to watch.  That breaks and the 2+ year bull market is over.  Another level to watch is 1978, the low of last week which I thought would hold for awhile.  The move off 1904 was impulsive (strong) and the correction afterwards that ended at 1978 was, well, a correction meandering sideways.  So the strong move off 1978 gave a pretty clear signal that prices were likely to move higher.

There are a lot of reasons to believe this market is weakening but the most important indicator, price, hasn't given any sign that the up trend is about to end.  It just keeps moving higher in fits and starts teasing us with potential breaking points but always, at least since 2012, pulling back from the brink.  Yawn.  Wake me up when we break 1904 and then I can get excited.*











*I am poised to let the Crash Alerts fly.

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