- Multi-Month Rally Ahead
- Technical Support for a Rally
- Fundamental Support…CASH
The S&P 500 cash index just finished a very impressive 14-trading-day run from 667 to 833. This was a 25 percent move; CNBC tells us you would have to go back to 1938 to find a similar event.
Those of you familiar with this report know that I like to list reasons for the market to go up on the left side of the page and reasons for a declining market on the right (hence the “Bull/Bear Review”). Once finished one can stand back to review the weight of the evidence and have a good read on the near term (3 month) direction of the market.
Today that evidence, as seen below, falls decisively in the Bull camp. I am projecting a multi-month rally. My first upside objective is the 950 to 1,010 basis the S&P 500 cash.
Read the Bull Bear Review (PDF) >>>
Posted by Michael Chapman at 12:00 PM UTC
