Category Archives: Forecasts

Short Term Trading Range

Last week the S&P 500 and Nasdasq both took out the previous week’s high, but were sold off immediately after the high was made on Tuesday March 31st.  The Dow didn’t even take out the previous week’s high and it closed on the weak side on the weekly chart. This mixed picture points to a sideways to

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Where is the Bottom?

In the last six weeks the S&P 500 cash index has dropped more than 35% measured from high to low.  This has been the fastest decline in the history of the stock market.  The furious decline only put a temporary bottom in last Monday when the Fed announced unlimited QE and the two trillion aid package was signed into law. 

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SP 500 Cash Index Cycle Location 02142020

What Coronavirus that virtually has shut down the entire second largest economy in the world?  It didn’t matter, the market has gone off the rails.  It seems that there is nothing right now to stop the rally.  The rest of the world is on life support, the US mega cap tech growth companies offer rare opportunities that provide growth and stability.

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Possible Double Top in Play

After the S&P 500 hit 50-day moving average support, it staged an impressive rally to wipe out the entire loss from the coronavirus selloff.  All three indices made new highs last week.  It appeared to be that the market is discounting the long lasting economic impact from the fast spreading virus. 

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The Market Correction is Underway

The market made a knee-jerk low on last Monday when the cronavirus hit the wire hard over the weekend.  It traded sideways for the next three days, then on Friday it took out the knee-jerk low and closed below it.  This is the confirmation of the weekly cycle correction is underway.

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